USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.69% against the CAD to close at 1.0191.
The Canadian Dollar came under pressure after the release of unexpectedly weak economic data in the nation’s biggest trade partner, the US.
In the US, the Federal Reserve Bank of Philadelphia indicated that its manufacturing index dropped to a reading of -5.8 in May. Additionally, new claims for US unemployment benefits unexpectedly held steady at a seasonally adjusted 370,000 in the week ended May 12, against the expectations for a decline to 365,000. Meanwhile in Canada, wholesale sales rose 0.4% (MoM) in March, against the market expectation of 0.3% rise and compared to the 1.5% rise in February.
In the Asian session, at GMT0300, the pair is trading at 1.0204, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.0135, and a fall through could take it to the next support level of 1.0066. The pair is expected to find its first resistance at 1.0243, and a rise through could take it to the next resistance level of 1.0282.
Trading trends in the pair today are expected to be determined by the release of consumer price index data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
