USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CAD and closed at 1.3053.
Data showed that Canada’s consumer price index (CPI) rose 2.0% on an annual basis in June, more than market expectations for an advance of 1.9%. The CPI had recorded a gain of 2.4% in the previous month. Further, the nation’s manufacturing shipments rebounded 1.6% on a monthly basis in May, compared to a revised fall of 0.4% in the prior month. Market participants had envisaged the manufacturing shipments to record a climb of 2.0%.
In the Asian session, at GMT0300, the pair is trading at 1.3050, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3030, and a fall through could take it to the next support level of 1.3009. The pair is expected to find its first resistance at 1.3077, and a rise through could take it to the next resistance level of 1.3103.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
