USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.44% against the CAD and closed at 1.3060.
Macroeconomic data showed that Canada’s seasonally adjusted Ivey PMI expanded at a slower pace to record a level of 61.8 in June, following a level of 63.1 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3055, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2986, and a fall through could take it to the next support level of 1.2918. The pair is expected to find its first resistance at 1.3099, and a rise through could take it to the next resistance level of 1.3144.
Looking forward, traders will keep an eye on Canada’s building permits for June, scheduled to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
