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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD and closed at 1.3460.

On the macro front, Canada’s manufacturing sales rose 2.1% on a monthly basis in March, surpassing market forecast for a rise of 1.5%. In the prior month, manufacturing sales had recorded a drop of 0.2%.

In the Asian session, at GMT0300, the pair is trading at 1.3466, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3421, and a fall through could take it to the next support level of 1.3376. The pair is expected to find its first resistance at 1.3491, and a rise through could take it to the next resistance level of 1.3516.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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