USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD to close at 1.0219.
Yesterday, the seasonally adjusted manufacturing sales in Canada rose 2.6% (MoM) to C$49.6 billion in February, compared to a revised decline of 0.6% in January. Market had expected manufacturing shipments to increase by 0.6% in February.
In the Asian session, at GMT0300, the pair is trading at 1.0226, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0199, and a fall through could take it to the next support level of 1.0172. The pair is expected to find its first resistance at 1.0256, and a rise through could take it to the next resistance level of 1.0286.
Later today, the Bank of Canada (BoC) would release its interest rate decision and monetary policy report. The central bank is mostly expected keep interest rates on hold.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
