USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose marginally against the CAD to close at 0.9866.
In the US, the Institute for Supply Management (ISM) index of national factory activity fell to 49.6 in August, making it the third month in a row of contraction, and from 49.8 in July
In the Asian session, at GMT0300, the pair is trading at 0.986, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 0.9844, and a fall through could take it to the next support level of 0.9827. The pair is expected to find its first resistance at 0.9876, and a rise through could take it to the next resistance level of 0.9891.
In the day ahead, the Bank of Canada (BoC) is expected to keep the interest rate at 1.0%.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
