USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CAD and closed at 1.3377.
In economic news, Canada’s manufacturing shipments unexpectedly eased 0.6% on a monthly basis in April, compared to a revised advance of 2.6% in the previous month. Markets participants had expected manufacturing shipments to record a gain of 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.3378, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3351, and a fall through could take it to the next support level of 1.3325. The pair is expected to find its first resistance at 1.3418, and a rise through could take it to the next resistance level of 1.3459.
Trading trend in the Loonie today is expected to be determined by Canada’s consumer price index for May, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
