USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.50% against the CAD to close at 0.9904. The Canadian Dollar advanced against USD, on an improved outlook for the country’s exports after a report showed US manufacturing expanded at a faster pace than expected.
The Institute for Supply Management (ISM) reported that the Manufacturing Index in the US rose to a reading of 53.4 in March, compared to a reading of 52.4 posted in February.
In the Asian session, at GMT0300, the pair is trading at 0.9896, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 0.9859, and a fall through could take it to the next support level of 0.9823. The pair is expected to find its first resistance at 0.9961, and a rise through could take it to the next resistance level of 1.0027.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
