USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the CAD to close at 1.0330. The Canadian Dollar advanced against the USD after the Canadian Prime Minister, Stephen Harper pledged to legislate a rule that would keep the nation’s balanced budgets in normal economic times and set concrete timelines for returning to balance in the event of an economic crisis. He further indicated that this would help the nation to maintain its status as one of the world’s most creditworthy nations.
On the economic front, an official report revealed that Canada’s manufacturing shipments decline 0.2% (MoM) in August, defying analysts’ expectation for a 0.2% rise and compared to a 1.7% surge seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0325, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0298, and a fall through could take it to the next support level of 1.0272. The pair is expected to find its first resistance at 1.0366, and a rise through could take it to the next resistance level of 1.0408.
Later today, Canada is expected to release a report on the foreign portfolio investment in its securities and the amount of domestic investment in foreign securities.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
