USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the CAD and closed at 1.3432.
On the economic front, Canada’s manufacturing shipments advanced more-than-expected by 0.3% MoM in September, compared to a rise of 0.9% in the prior month while markets anticipated manufacturing shipments to advance by 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.344, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3392, and a fall through could take it to the next support level of 1.3345. The pair is expected to find its first resistance at 1.3496, and a rise through could take it to the next resistance level of 1.3553.
With no major economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
