USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD and closed at 1.3402 on Friday.
On the data front, Canada’s unemployment rate remained unchanged at 7.0% in October, meeting market expectations. Further, the nation’s seasonally adjusted Ivey PMI unexpectedly rose to a nine-month high level of 59.7 in October, defying investor consensus for it to fall to a level of 56.0 and compared to a reading of 58.4 in the prior month. On the contrary, the nation’s international merchandise trade deficit surprisingly rose to a record high level of C$4.1 billion in September, following a surge in imports, compared to market expectations for the nation to post a trade deficit of C$1.7 billion and after registering a revised trade deficit of C$2.0 billion in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3382, with the USD trading 0.15% lower from Friday’s close.
The pair is expected to find support at 1.3325, and a fall through could take it to the next support level of 1.3269. The pair is expected to find its first resistance at 1.3451, and a rise through could take it to the next resistance level of 1.3521.
With no economic releases in Canada today, investor sentiment would be governed by global macroeconomic events.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
