USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 2.06% against the CAD and closed at 1.3256.
Data showed that Canada’s manufacturing sales unexpectedly fell by 0.7% on a monthly basis in December, driven by a decline in motor vehicle sales, aerospace products and compared to a revised drop of 1.0% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3246, with the USD trading 0.08% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3233, and a fall through could take it to the next support level of 1.3220. The pair is expected to find its first resistance at 1.3269, and a rise through could take it to the next resistance level of 1.3292.
Later today, investors would look forward to Canada’s consumer price index for January, the sole important release.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
