USDCAD Movement
On Friday, the USD rose 0.21% against the CAD to close at 1.0325. The Canadian Dollar came under pressure, as manufacturing sales in Canada surprisingly dropped 0.5% (MoM) in June to C$48.2 billion, compared to a revised rise of 0.6% recorded in May. Market had expected a rise 0.5% in June.
In the Asian session, at GMT0300, the pair is trading at 1.0334, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0301, and a fall through could take it to the next support level of 1.0269. The pair is expected to find its first resistance at 1.0364, and a rise through could take it to the next resistance level of 1.0395.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
