USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CAD and closed at 1.2679.
In economic news, Canada’s manufacturing shipments declined 1.8% on a monthly basis in June, higher than market expectations for a drop of 1.0%. In the previous month, manufacturing shipments had registered a revised rise of 1.3%.
In the Asian session, at GMT0300, the pair is trading at 1.2664, with the USD trading 0.12% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2605, and a fall through could take it to the next support level of 1.2546. The pair is expected to find its first resistance at 1.2707, and a rise through could take it to the next resistance level of 1.2750.
This afternoon will bring a crucial Canadian release, namely the consumer price index for July.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
