USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.50% against the CAD to close at 1.2751.
In economic news, Canada’s seasonally adjusted Ivey purchasing managers’ index (PMI) dropped to a level of 49.4 in May, its lowest level since March 2015, from a reading of 53.1 in the previous month, thus underlining concerns over the health of the nation’s economy.
In the Asian session, at GMT0300, the pair is trading at 1.2738, with the USD trading 0.1% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2699, and a fall through could take it to the next support level of 1.2659. The pair is expected to find its first resistance at 1.2808, and a rise through could take it to the next resistance level of 1.2877.
Moving ahead, market participants will look forward to the release of Canada’s housing starts and building permits data, due later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
