USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the CAD and closed at 1.3448.
On the macro front, Canada’s seasonally adjusted Ivey PMI registered a drop to a level of 53.8 in May, compared to a level of 62.4 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3450, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3429, and a fall through could take it to the next support level of 1.3408. The pair is expected to find its first resistance at 1.3479, and a rise through could take it to the next resistance level of 1.3508.
Ahead in the day, traders would focus on Canada’s building permits data for April.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
