USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally gained against the CAD to close at 1.0502.
In the Asian session, at GMT0300, the pair is trading at 1.0483, with the USD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1.0465, and a fall through could take it to the next support level of 1.0448. The pair is expected to find its first resistance at 1.0509, and a rise through could take it to the next resistance level of 1.0536.
Traders await the release of Canada’s unemployment data, which the market expects to show an improvement in the month of August. Investors are also expected to keep a close watch on Ivey Purchasing Managers Index. A positive print should boost the performance of the Canadian Dollar against the majors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
