USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.21% against the CAD and closed at 1.3104.
Data indicated that Canada’s Markit manufacturing PMI contracted for the third straight month to a level of 49.2 in June, following a reading of 49.1 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3109, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3091, and a fall through could take it to the next support level of 1.3072. The pair is expected to find its first resistance at 1.3133, and a rise through could take it to the next resistance level of 1.3156.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
