USD/CAD: Canadian manufacturing sector growth cooled in August


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.75% against the CAD and closed at 1.2386 on Friday.

In economic news, data indicated that Canada’s Markit manufacturing PMI fell to a level of 54.6 in August, after recording a level of 55.5 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2386, with the USD trading flat against the CAD from Friday’s close.

The pair is expected to find support at 1.2321, and a fall through could take it to the next support level of 1.2255. The pair is expected to find its first resistance at 1.2472, and a rise through could take it to the next resistance level of 1.2557.

Amid a holiday observed in Canada today, investor sentiment will be governed by global macroeconomic factors.

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

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