USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0330.
In the Asian session, at GMT0300, the pair is trading at 1.0329, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0313, and a fall through could take it to the next support level of 1.0297. The pair is expected to find its first resistance at 1.0343, and a rise through could take it to the next resistance level of 1.0357.
Investors await the release of Canada’s Ivey PMI data, due later today, which the market expects to advance to a level of 52.9 in September, on a seasonally adjusted basis, from a reading of 51.0 witnessed in the earlier month.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
