USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.17% against the CAD and closed at 1.3145 on Friday.
Data revealed that Canada’s manufacturing PMI advanced to a level of 51.2 in October, expanding at its quickest pace in 8 months, however less than market expectations for a rise to a level of 51.3. The PMI had registered a reading of 51.0 in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3136, with the USD trading 0.07% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3114, and a fall through could take it to the next support level of 1.3092. The pair is expected to find its first resistance at 1.3177, and a rise through could take it to the next resistance level of 1.3218.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
