USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD and closed at 1.3161.
On the data front, Canada’s CFIB business barometer dropped to 57.8 in July, following a reading of 61.5 in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.3160, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3128, and a fall through could take it to the next support level of 1.3096. The pair is expected to find its first resistance at 1.3180, and a rise through could take it to the next resistance level of 1.3200.
Going forward, traders would closely monitor Canada’s gross domestic product, industrial product price, the RBC manufacturing PMI, set to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
