USDCAD Movement
On Friday, the USD rose 0.18% against the CAD to close at 1.3092.
On the macro front, Canadian manufacturing shipments advanced 1.20% on a MoM basis in June, compared to a revised rise of 0.20% in the previous month, while markets expected it to rise 2.10%.
In the Asian session, at GMT0300, the pair is trading at 1.3101, with the USD trading 0.07% higher from Friday’s close.
The pair is expected to find support at 1.304, and a fall through could take it to the next support level of 1.2979. The pair is expected to find its first resistance at 1.3137, and a rise through could take it to the next resistance level of 1.3172.
With a light economic calendar in Canada today, market participants look forward to the release of the nation inflation as well as retail sales data, scheduled later in the week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
