USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CAD to close at 1.0143. The Loonie registered gains as factory orders in the US, Canada’s largest trading partner, increased more-than-expected in February. Yesterday, factory orders in the US rose 3.0% or $14.5 billion to $492.0 billion in February, the highest gain since November 2012, from a revised decline of 1.0% reported in January.
In the Asian session, at GMT0300, the pair is trading at 1.0148, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0127, and a fall through could take it to the next support level of 1.0105. The pair is expected to find its first resistance at 1.0165, and a rise through could take it to the next resistance level of 1.0181.
With no economic releases on the deck today from Canada, market participants would keep a tap on the US economic data due later today and news flow emanating from the Europe.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
