USD/CAD: Loonie trading on a weaker footing this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CAD and closed at 1.3584.

On the data front, Canada’s manufacturing shipments rebounded 1.0% on a monthly basis in March, falling short of market expectations for an advance of 1.3%. In the prior month, manufacturing shipments had fallen by a revised 0.6%.

In the Asian session, at GMT0300, the pair is trading at 1.3606, with the USD trading 0.16% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3569, and a fall through could take it to the next support level of 1.3532. The pair is expected to find its first resistance at 1.3642, and a rise through could take it to the next resistance level of 1.3678.

With no economic releases in Canada today, investor sentiment will be governed by global macroeconomic factors.

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

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