USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.45% against the CAD to close at 1.0270. The Loonie came under pressure after Canada’s manufacturing data disappointed investors, whereas US building permits increased higher-than-expected in February.
In economic news, the seasonally adjusted monthly manufacturing sales in Canada declined 0.2% in January to C$48.0 billion, compared to a revised 3.3% fall reported in the previous month. Market had expected manufacturing shipments to increase by 0.9% in January. Meanwhile, wholesale sales rose by 0.3% in January, compared to revised fall of 1.1% reported in the previous month. Market had expected wholesale sales in Canada to rise 0.4% in January.
In the Asian session, at GMT0400, the pair is trading at 1.0270, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0227, and a fall through could take it to the next support level of 1.0183. The pair is expected to find its first resistance at 1.0300, and a rise through could take it to the next resistance level of 1.0329.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
