USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.65% against the CAD and closed at 1.3178.
In economic news, Canada’s manufacturing PMI dropped to a 4-month low level of 56.8 in August, following a reading of 56.9 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3170, with the USD trading 0.06% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3106, and a fall through could take it to the next support level of 1.3042. The pair is expected to find its first resistance at 1.3221, and a rise through could take it to the next resistance level of 1.3272.
Looking ahead, market participants would keep a close watch on the Bank of Canada’s (BoC) key rate decision and merchandise trade balance data for July, slated to release later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above with its 50 Hr moving average.
