USDCAD Movement
For the 24 hours to 23:00 GMT, the USD gained 0.12% against the CAD to close at 1.0931.
In economic news, the seasonally adjusted Ivey Purchasing Managers’ Index in Canada advanced at the fastest pace in three months in July to 54.1, higher than market expectations of a rise to 51.0. It had registered a reading of 46.9 in the previous month. Similarly, the building permits in Canada unexpectedly rose 13.5% in June, on monthly basis, compared to an advance of 15.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0941, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.0912, and a fall through could take it to the next support level of 1.0882. The pair is expected to find its first resistance at 1.096, and a rise through could take it to the next resistance level of 1.0978.
Going forward, investors would be looking at Canada’s crucial employment data, slated to be out later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
