USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.15% against the CAD to close at 1.0231.
The Canadian Dollar came under pressure, following a weak economic data from the US, its biggest trading partner.
In the US, consumer confidence unexpectedly fell to 64.9 in May, from a revised reading of 68.7 in April, and against the market expectation of 69.5. Additionally, Dallas manufacturing business index fell to a reading of -5.1 in May, compared to a reading of -3.4 in April.
In the Asian session, at GMT0300, the pair is trading at 1.0253, with the USD trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 1.0217, and a fall through could take it to the next support level of 1.0180. The pair is expected to find its first resistance at 1.0280, and a rise through could take it to the next resistance level of 1.0306.
Trading trends in the pair today are expected to be determined by the release of industrial product price and raw material price index data in the Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
