USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the CAD and closed at 1.3180 on Friday.
On the macro front, Canada’s unemployment rate remained unchanged at 5.7% in August, at par with market expectations. Further, the nation’s seasonally adjusted Ivey PMI advanced to a level of 60.6 in August, compared to a level of 54.2 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3171, with the USD trading 0.07% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3141, and a fall through could take it to the next support level of 1.3112. The pair is expected to find its first resistance at 1.3217, and a rise through could take it to the next resistance level of 1.3264.
Amid lack of macroeconomic releases in Canada today, traders would monitor global macroeconomic releases for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
