For the 24 hours to 23:00 GMT, the USD rose 2.79% against the CAD and closed at 1.3406.
In the Asian session, at GMT0400, the pair is trading at 1.3410, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3385, and a fall through could take it to the next support level of 1.3361. The pair is expected to find its first resistance at 1.3436, and a rise through could take it to the next resistance level of 1.3463.
Looking ahead, market participants would keep a close watch on Canada’s unemployment rate and the Ivey Purchasing Managers’ Index, both for February, along with the international merchandise trade balance, for January, slated to release later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.