USD/CAD: Canada’s manufacturing sales jumped in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.29% against the CAD and closed at 1.3259 on Friday.

On the data front, Canada’s manufacturing sales jumped 20.7% on a monthly basis in June, more than market forecast for rise of 16.4% and compared to a revised rise of 11.6% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3249, with the USD trading 0.08% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3213, and a fall through could take it to the next support level of 1.3176. The pair is expected to find its first resistance at 1.3279, and a rise through could take it to the next resistance level of 1.3308.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr moving average and trading above 50 Hr moving average.

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