USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CAD to close at 1.2539. The CAD lost ground, after Canada’s RBC manufacturing PMI slid to 48.7, marking its weakest level since April 2013 in February and compared to a reading of 51.0 registered in the prior month, thus indicating contraction in the nation’s manufacturing activity.
In the Asian session, at GMT0400, the pair is trading at 1.2521, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.2474, and a fall through could take it to the next support level of 1.2428. The pair is expected to find its first resistance at 1.2567, and a rise through could take it to the next resistance level of 1.2613.
Looking ahead, investors would closely monitor Canada’s annualized 4Q GDP figure, scheduled later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
