USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.23% against the CAD to close at 1.3065, after US factory orders weakened more than anticipated in September.
In the Asian session, at GMT0400, the pair is trading at 1.3049, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.3002, and a fall through could take it to the next support level of 1.2956. The pair is expected to find its first resistance at 1.3131, and a rise through could take it to the next resistance level of 1.3214.
Moving ahead, market participants will concentrate on Canada’s Ivey purchasing managers index data for October, scheduled to be released tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
