USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD to close at 1.1081, supported by an upbeat US ISM manufacturing PMI data and strong demand for safe-haven assets.
In economic news, the Statistics Canada reported that industrial product price in Canada rose 1.4% (MoM) in January, more than market estimates and compared to a previous month’s level of 0.6%. Similarly, Canada’s raw material price index posted an upbeat rise of 2.6% in January, following a 1.8% increase recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1093, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.1049, and a fall through could take it to the next support level of 1.1005. The pair is expected to find its first resistance at 1.1124, and a rise through could take it to the next resistance level of 1.1155.
With no major economic release from Canada, during the later course of the day, market participants would eye global economic news for further cues in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
