USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CAD and closed at 1.3295.
Data indicated that Canada’s manufacturing shipments unexpectedly fell 1.3% on a monthly basis in December, confounding market consensus for an advance of 0.4%. In the previous month, manufacturing shipments had registered a revised drop of 1.7%. Meanwhile, the nation’s new housing price index remained unchanged on a monthly basis in December, meeting market expectations and compared to a similar reading in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.3303, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3241, and a fall through could take it to the next support level of 1.3180. The pair is expected to find its first resistance at 1.3352, and a rise through could take it to the next resistance level of 1.3402.
Going ahead, investors would closely monitor Canada’s existing home sales for January, slated to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
