USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.6% against the CAD and closed at 1.3334.
In economic news, Canada’s seasonally adjusted Ivey purchasing managers index fell to a level of 53.4 in February, worse than market expectations of a fall to a level of 58.0 and compared to a reading of 66.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3341, with the USD trading 0.13% higher from Friday’s close.
The pair is expected to find support at 1.3278, and a fall through could take it to the next support level of 1.3216. The pair is expected to find its first resistance at 1.3438, and a rise through could take it to the next resistance level of 1.3536.
Amid no economic releases in Canada today, investors will look forward to the nation’s housing starts and building permits data, scheduled to be released tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving average.
