USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD and closed at 1.3098.
On the economic front, Canada’s RBC manufacturing PMI declined to a level of 51.1 in August, hitting its lowest level in six-months, suggesting that the sector was failing to gain momentum. The index registered a reading of 51.9 in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.3085, with the USD trading 0.1% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3060, and a fall through could take it to the next support level of 1.3034. The pair is expected to find its first resistance at 1.3129, and a rise through could take it to the next resistance level of 1.3172.
Moving ahead, investors will look forward to Canada’s international merchandise trade data for July, scheduled to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
