USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD to close at 1.2485.
Canada’s seasonally adjusted Ivey PMI improved to a level of 49.7 in February, but still remained in contraction territory and compared to a reading of 45.4 registered in January, while markets were expecting it to rise to 48.5, thus easing some concerns over the country’s economic outlook.
In the Asian session, at GMT0400, the pair is trading at 1.2474, with the USD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.2413, and a fall through could take it to the next support level of 1.2352. The pair is expected to find its first resistance at 1.2527, and a rise through could take it to the next resistance level of 1.2581.
Going forward, investors await the release of Canada’s building permits data, scheduled later today.
The currency pair is trading slightly above its 20 Hr and 50 Hr moving averages.
