USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CAD to close at 1.0007, as downbeat economic data in the US weighed on demand for the greenback. Additionally, a rise in Canada’s manufacturing sales supported the Canadian Dollar.
In Canadian economic news, manufacturing sales rose 0.4% to $49.81 billion in September, compared to a revised 0.9% rise recorded in the previous month. Meanwhile, existing home sales fell 0.1% (MoM) in October, compared to a 2.5% rise in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0009, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9997, and a fall through could take it to the next support level of 0.9984. The pair is expected to find its first resistance at 1.0028, and a rise through could take it to the next resistance level of 1.0047.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
