USD/CAD: Loonie trading flat in the Asian session, ahead of Canadian manufacturing PMI data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CAD and closed at 1.2497.

In the Asian session, at GMT0300, the pair is trading at 1.2497, with the USD trading flat against the CAD from yesterday’s close.

The pair is expected to find support at 1.2452, and a fall through could take it to the next support level of 1.2408. The pair is expected to find its first resistance at 1.2535, and a rise through could take it to the next resistance level of 1.2574.

Looking ahead, traders will keep a close watch on Canada’s Markit manufacturing PMI for July, slated to release later today.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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