USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 6.79% against the CAD and closed at 1.3928 on Friday.
On the data front, Canada’s seasonally adjusted Ivey Purchasing Managers’ Index dropped to 22.8 in April, more than market expectations for a drop to a level of 25.0 and compared to a reading of 26.0 in the previous month. Meanwhile, housing starts fell to 171.3K in April, less than market expectations for a drop to a level of 110.0K and compared to a revised reading of 195.4K in the previous month. Additionally, the unemployment rate rose less-than-expected to 13.0% in April. In the prior month, the unemployment rate stood at 7.8%. Further, building permits eased 13.2% in March, less than market consensus. In the prior month, building permits had recorded a revised fall of 8.4%.
In the Asian session, at GMT0300, the pair is trading at 1.3909, with the USD trading 0.14% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3884, and a fall through could take it to the next support level of 1.3860. The pair is expected to find its first resistance at 1.3949, and a rise through could take it to the next resistance level of 1.3990.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
