USDCAD Movement
On Friday, the USD rose marginally against the CAD to close at 1.0857. The latter came under pressure after data showed that manufacturing sales in Canada unexpectedly declined 0.1% (MoM) in April to $50.9 billion, for the first time in four months.
In the Asian session, at GMT0300, the pair is trading at 1.0853, with the USD trading slightly lower from Friday’s close.
The pair is expected to find support at 1.0841, and a fall through could take it to the next support level of 1.0830. The pair is expected to find its first resistance at 1.0868, and a rise through could take it to the next resistance level of 1.0884.
Later today, the Statistics Canada is scheduled to publish a report on the amount of foreign portfolio investment in Canadian securities and the total Canadian portfolio investment in foreign securities.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
