USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.37% against the CAD to close at 1.3090, after the release of the latest Fed meeting minutes from March.
In economic news, Canada’s seasonally adjusted Ivey purchasing managers index unexpectedly declined to a level of 50.1 in March, compared to market expectations of a rise to a level of 55.0. The index had recorded a level of 53.4 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3077, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.3031, and a fall through could take it to the next support level of 1.2984. The pair is expected to find its first resistance at 1.3155, and a rise through could take it to the next resistance level of 1.3234.
Going ahead, investors will look forward to Canada’s building permits data for February, scheduled to release later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
