USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.56% against the CAD to close at 1.3938.
The CAD lost ground, after Canada’s manufacturing sector contracted for the fifth consecutive month to a level of 47.5 in December, its lowest level since October 2010, from a reading of 48.6 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3907, with the USD trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1.3858, and a fall through could take it to the next support level of 1.3809. The pair is expected to find its first resistance at 1.3971, and a rise through could take it to the next resistance level of 1.4034.
Going ahead, market participants will look forward to Canada’s raw material and industrial product price indices data, both for the month of November, scheduled to be released later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
