USD/CAD: Canada’s manufacturing shipments surprisingly eased in October


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.38% against the CAD and closed at 1.3465.

Data indicated that Canada’s manufacturing shipments unexpectedly declined 0.1% on a monthly basis in October, defying market expectations for a rise of 0.4%. In the previous month, manufacturing shipments had advanced 0.2%.

In the Asian session, at GMT0400, the pair is trading at 1.3459, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3401, and a fall through could take it to the next support level of 1.3343. The pair is expected to find its first resistance at 1.3507, and a rise through could take it to the next resistance level of 1.3555.

Trading trend in the Loonie today is expected to be determined by Canada’s consumer price index November, scheduled to release later in the day.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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