USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.0966. The Canadian Dollar came under pressure after the RBC Canadian manufacturing purchasing managers’ index eased to a seasonally adjusted reading of 52.9 in April while its employment measure rose to a level of 52.0 in April, its highest level since November.
In the Asian session, at GMT0300, the pair is trading at 1.0960, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0942, and a fall through could take it to the next support level of 1.0923. The pair is expected to find its first resistance at 1.0988, and a rise through could take it to the next resistance level of 1.1015.
Amid lack of major economic releases from the Canadian economy, traders would eye global economic news, along with the US non-farm payrolls and unemployment data, for further cues in the currency pair.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
