USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.59% against the CAD and closed at 1.2879 on Friday.
In economic news, Canada’s manufacturing shipments surprisingly eased 0.4% on a monthly basis in October, defying market expectations for a rise of 1.0% and compared to a revised advance of 0.4% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2853, with the USD trading 0.2% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.2764, and a fall through could take it to the next support level of 1.2676. The pair is expected to find its first resistance at 1.2916, and a rise through could take it to the next resistance level of 1.2980.
Amid a lack of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
