USDCAD Movement
On Friday, the USD declined 0.06% against the CAD to close at 1.0971.
In Canada, manufacturing shipments unexpectedly declined 0.9% (MoM) in December, compared to a 0.5% (MoM) increase witnessed in the previous month. Another report revealed that existing home sales in the nation fell 3.3% (MoM) in January, following a 1.8% drop recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0975, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0945, and a fall through could take it to the next support level of 1.0916. The pair is expected to find its first resistance at 1.0997, and a rise through could take it to the next resistance level of 1.1020.
Traders are eyeing global economic news for further cues in the currency pair, amid lack of economic release from Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
