USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.63% against the CAD to close at 1.3245.
In economic news, the Canadian RBC manufacturing PMI deteriorated further to hit its five-year lowest level of 48.6 in September, due to global economic conditions along with downward pressure on oil prices. It followed a reading of 49.4 recorded in August.
In the Asian session, at GMT0300, the pair is trading at 1.3242, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3202, and a fall through could take it to the next support level of 1.3161. The pair is expected to find its first resistance at 1.3297, and a rise through could take it to the next resistance level of 1.3352.
Moving ahead, Canada’s employment, building permits and Ivey PMI data, scheduled next week, would grab significant amount of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
