USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.69% against the CAD to close at 1.3126.
In economic news, Canadian manufacturing shipments advanced more-than-expected by 2.3% MoM in January, compared to investor expectations for a rise of 0.5% and following a gain of 1.4% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3091, with the USD trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 1.2972, and a fall through could take it to the next support level of 1.2852. The pair is expected to find its first resistance at 1.3308, and a rise through could take it to the next resistance level of 1.3525.
Going ahead, market participants will look forward to Canada’s retail sales and consumer price inflation data, scheduled to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
