USD/CAD: Canada’s RBC manufacturing PMI declined in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.31% against the CAD and closed at 1.3312.

Data indicated that Canada’s RBC manufacturing PMI fell to a level of 50.5 in March, following a reading of 52.6 in the prior month. Meanwhile, the nation’s MLI leading indicator remained unchanged in February, compared to a revised fall of 0.1% in the preceding month.

In the Asian session, at GMT0300, the pair is trading at 1.3315, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3285, and a fall through could take it to the next support level of 1.3255. The pair is expected to find its first resistance at 1.3358, and a rise through could take it to the next resistance level of 1.3401.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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