USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.53% against the CAD to close at 1.0121. The Loonie fell as increased risk aversion among investors’ overweighed positive manufacturing sales data in Canada.
Yesterday, manufacturing shipments in Canada rose 1.9% (MoM) in March, compared to 0.2% fall in February and against the market expectation of 0.4% rise, making it biggest gain since September 2011.
In the Asian session, at GMT0300, the pair is trading at 1.012, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0072, and a fall through could take it to the next support level of 1.0024. The pair is expected to find its first resistance at 1.0150, and a rise through could take it to the next resistance level of 1.0181.
Investors are eying release of wholesale sales in Canada in the day ahead.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
