USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.4% against the CAD and closed at 1.2464.
On the data front, Canada’s manufacturing shipments surprisingly advanced 1.6% MoM in August, rising the most in eight months and compared to a fall of 2.6% in the previous month. Investor had envisaged manufacturing shipments to drop 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.2471, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2437, and a fall through could take it to the next support level of 1.2404. The pair is expected to find its first resistance at 1.2519, and a rise through could take it to the next resistance level of 1.2568.
Amid no macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
