USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.70% against the CAD to close at 1.0274. The Canadian dollar gained after nation’s seasonally adjusted Ivey Purchasing Managers’ Index (PMI) surged to a 14-month high of 63.10 in May, while the non-adjusted PMI registered a jumped to a reading of 70.80 in May, its highest level since March 2011.
In the Asian session, at GMT0300, the pair is trading at 1.0277, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0193, and a fall through could take it to the next support level of 1.0109. The pair is expected to find its first resistance at 1.0365, and a rise through could take it to the next resistance level of 1.0453.
In Canada, investors anticipate the unemployment rate to remain steady in May while the net change in employment is expected to record a rise in May.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
