USDCAD Movement
For the 24 hours to 23:00 GMT, the USD fell 0.56% against the CAD to close at 1.0380, before the Federal Reserve Chairman, Ben Bernanke, testifies to Congress later today.
Economic data showed that manufacturing shipments in Canada rose 0.7% (MoM) in May, following a 2.1% drop in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0388, with the USD trading marginally higher from yesterday’s close. The Canadian Dollar is trading lower, ahead of the Bank of Canada’s (BoC) rate decision under new Governor, Stephen Poloz.
The pair is expected to find support at 1.0353, and a fall through could take it to the next support level of 1.0319. The pair is expected to find its first resistance at 1.0432, and a rise through could take it to the next resistance level of 1.0477.
The currency pair is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
