USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD to close at 1.2620, following weak economic data in the US.
In economic news, RBC’s manufacturing PMI for Canada increased to a level of 48.9 in March, from prior month’s reading of 48.7.
In the Asian session, at GMT0300, the pair is trading at 1.261, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.2553, and a fall through could take it to the next support level of 1.2496. The pair is expected to find its first resistance at 1.2689, and a rise through could take it to the next resistance level of 1.2768.
Amid a light economic calendar in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
