USDCAD Movement
On Friday, the USD rose 0.51% against the CAD to close at 1.0704.
In the Asian session, at GMT0400, the pair is trading at 1.0710, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.0642, and a fall through could take it to the next support level of 1.0573. The pair is expected to find its first resistance at 1.0754, and a rise through could take it to the next resistance level of 1.0797.
Trading trends in the pair are expected to be determined by a slew of economic releases from the US during the week such as data on the housing market and regional manufacturing reports along with the ISM manufacturing numbers, which would provide a fair idea about the sustainability of the economic recovery in the world’s largest economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
