USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD to close at 1.2038, after the ADP reported that job creation in the US decelerated in April.
The CAD traded on a stronger footing, after Canada’s seasonally adjusted Ivey PMI surged to a 7-month high level of 58.2 in April, beating market expectations of an advance to 49.2 and compared to a figure of 47.9 recorded in the previous month, thus easing concerns on the nation’s economic outlook.
In the Asian session, at GMT0300, the pair is trading at 1.2043, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1964, and a fall through could take it to the next support level of 1.1886. The pair is expected to find its first resistance at 1.2097, and a rise through could take it to the next resistance level of 1.2151.
Meanwhile, investors await the release of Canada’s building permits data, scheduled for release later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
