USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD to close at 1.0971.
In economic news, the Statistics Canada reported that the nation’s manufacturing shipments rose 1.0% (MoM) in November, more than market expectations for a rise of 0.4% and compared to a 0.7% increase registered in the preceding month. Another report from the Statistics Canada revealed that wholesale sales in the nation remained flat, on a month-on-month basis, in November, defying analysts’ call for a rise of 0.3% and compared to a 1.2% rise seen in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0970, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0939, and a fall through could take it to the next support level of 1.0907. The pair is expected to find its first resistance at 1.1011, and a rise through could take it to the next resistance level of 1.1051.
Later today, the Bank of Canada (BoC) is expected to reveal its decision on the nation’s benchmark interest rate and publish a report on its monetary policy.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
