USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 1.3165.
In economic news, Canada’s Ivey purchasing managers index declined unexpectedly to a level of 53.1 in October, reaching its lowest level in three months, compared to a reading of 53.7 in the previous month. Investors had expected it to rise to a level of 54.0.
In the Asian session, at GMT0400, the pair is trading at 1.3165, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.3141, and a fall through could take it to the next support level of 1.3117. The pair is expected to find its first resistance at 1.3188, and a rise through could take it to the next resistance level of 1.3212.
Moving ahead, market participants will concentrate on Canada’s unemployment rate data for October, scheduled to be released later in the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
