USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CAD to close at 1.3016.
In economic news, Canada’s RBC manufacturing PMI advanced to a level of 51.5 in March, its highest level since December 2014, following a reading of 49.4 in the previous month.
Separately, the BoC, in its latest business outlook survey, indicated that Canada’s business sentiment has improved during recent months with hiring and investment plans rebounding from its lowest levels since 2009, as the nation’s exporters were benefitted from a weaker Canadian dollar.
In the Asian session, at GMT0300, the pair is trading at 1.3037, with the USD trading 0.16% higher from Friday’s close.
The pair is expected to find support at 1.2978, and a fall through could take it to the next support level of 1.2919. The pair is expected to find its first resistance at 1.3122, and a rise through could take it to the next resistance level of 1.3208.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
