USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.30% against the CAD to close at 1.0422. The Canadian Dollar gained ground against the US Dollar after a report showed that, on a seasonally adjusted basis, the Ivey purchasing managers index surged to a level of 62.8 in October, defying analysts’ call for a drop to 51.0 from a reading of 51.9 registered in the previous month. Meanwhile, official data revealed that building permits in Canada rose 1.7% (MoM) in September, less than market expectations for a 6.0% rise and compared to a 20.0% plunge witnessed in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0421, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0401, and a fall through could take it to the next support level of 1.0382. The pair is expected to find its first resistance at 1.0448, and a rise through could take it to the next resistance level of 1.0476.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
