USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.43% against the CAD and closed at 1.3444.
On the data front, Canada’s RBC manufacturing PMI fell to a level of 49.1 in May, compared to a level of 49.7 in the prior month. Meanwhile, the nation’s MLI leading indicator advanced 0.4% on a monthly basis in April, compared to a reading of 0.1% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.3440, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3408, and a fall through could take it to the next support level of 1.3377. The pair is expected to find its first resistance at 1.3498, and a rise through could take it to the next resistance level of 1.3557.
Amid lack of macroeconomic releases in Canada today, traders would focus on global macroeconomic releases for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
