USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.09% against the CAD to close at 1.0604.
On the macro front, the Statistics Canada reported that the manufacturing shipments in Canada rose 1.0% on a monthly basis in October, compared to a gain of 0.6% recorded in the previous month. Markets had expected manufacturing shipments to drop 0.2% in October.
In the Asian session, at GMT0400, the pair is trading at 1.0613, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.0584, and a fall through could take it to the next support level of 1.0555. The pair is expected to find its first resistance at 1.0631, and a rise through could take it to the next resistance level of 1.0649.
In the absence of any major releases in Canada today, investors are expected to scrutinise the US Federal Reserve’s policy decision.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
