USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the CAD to close at 1.3038.
In economic news, Canada’s Ivey purchasing managers index fell to a level of 53.7 in September, from a reading of 58.0 in August, while investors had expected the index to reach a level of 54.0.
Separately, the IMF cut its GDP forecast for the Canadian economy to 1.0% in 2015, down from an earlier forecast of 2.2% in April, citing a drop in oil prices and reduced investment in the nation’s energy sector. The organization also lowered the country’s outlook for 2016 to 1.7% from 2.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3026, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2987, and a fall through could take it to the next support level of 1.2949. The pair is expected to find its first resistance at 1.31, and a rise through could take it to the next resistance level of 1.3174.
Moving ahead, Canada’s building permits data for August, scheduled in a few hours, would grab significant amount of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
