USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD to close at 0.9764.
In the US, Markit preliminary manufacturing Purchasing Managers Index (PMI) stood at 51.5 in September, unchanged from August.
Additionally, the US initial jobless claims edged down 3,000 to a seasonally adjusted 382,000 for the week ended September 15, from 385,000 in its previous week. Separately, the Federal Reserve Bank of Philadelphia’s manufacturing index rose to -1.9 in September.
In the Asian session, at GMT0300, the pair is trading at 0.9749, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 0.9725, and a fall through could take it to the next support level of 0.9700. The pair is expected to find its first resistance at 0.9795, and a rise through could take it to the next resistance level of 0.9840.
In the day ahead, on an annual basis, consumer price index in Canada is expected to remain stable at 1.3% in August. Additionally, Loonie is expected to take cues from Canadian wholesale sale data due out later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
