USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 8.63% against the CAD and closed at 1.4167.
On the data front, Canada’s Markit manufacturing PMI unexpectedly dropped to 46.1 in March, confounding market expectations for an advance to 53.3 and compared to a level of 51.8 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4186, with the USD trading 0.13% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.4097, and a fall through could take it to the next support level of 1.4009. The pair is expected to find its first resistance at 1.4273, and a rise through could take it to the next resistance level of 1.4361.
Moving forward, traders would keep an eye on Canada’s international merchandise trade balance for February, slated to release later today.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
