USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.23% against the CAD to close at 1.0921.
On the economic front, building permits in Canada rose 1.1% (MoM) for the first time in three months in April while the Ivey purchasing managers’ index fell to a five-month low seasonally adjusted reading of 48.2 in May.
In the Asian session, at GMT0300, the pair is trading at 1.0922, with the USD trading a tad higher from yesterday’s close.
The pair is expected to find support at 1.0903, and a fall through could take it to the next support level of 1.0883. The pair is expected to find its first resistance at 1.0952, and a rise through could take it to the next resistance level of 1.0981.
Later today, employment data from Canada and the US economy would be keenly awaited for further cues in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
