USDCAD Movement
On Friday, the USD declined 0.28% against the CAD to close at 1.0299. The Canadian Dollar gained ground against the greenback after data showed that the Ivey purchasing manufacturing index soared to a level of 59.4 in September, following a reading of 51.9 registered in the preceding month. However, the gains were capped on lingering speculation that a deadlock in the US budget talks might hamper the demand of crude oil , Canada’s largest export.
In the Asian session, at GMT0300, the pair is trading at 1.0307, with the USD trading 0.08% higher from Friday’s close.
The pair is expected to find support at 1.0287, and a fall through could take it to the next support level of 1.0266. The pair is expected to find its first resistance at 1.0335, and a rise through could take it to the next resistance level of 1.0362.
Amid lack of economic releases in Canada, traders are expected to keep a close watch on global economic news, for further guidance in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
