USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.51% against the CAD and closed at 1.3607.
On the data front, Canada’s Ivey Purchasing Managers’ Index unexpectedly jumped to 58.2 in May, confounding market consensus for a drop to a level of 25.1 and compared to a reading of 39.1 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3601, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3558, and a fall through could take it to the next support level of 1.3516. The pair is expected to find its first resistance at 1.3628, and a rise through could take it to the next resistance level of 1.3656.
In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
