USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.3158 on Friday.
Data indicated that, Canada’s manufacturing shipments rebounded 0.2% on a monthly basis in September, driven by gains in the transportation equipment industry and compared to a revised drop of 0.5% in the previous month. Market participants had expected manufacturing shipments to advance by 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.3162, with the USD trading marginally higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3130, and a fall through could take it to the next support level of 1.3099. The pair is expected to find its first resistance at 1.3190, and a rise through could take it to the next resistance level of 1.3219.
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 moving average and trading below its 50 Hr moving average.
