USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.40% against the CAD to close at 1.2506.
In economic news, Canada’s Ivey PMI surged to a 19-month high level of 62.3 in May, from 58.2 recorded in April, thus increasing optimism over the nation’s economic outlook. Markets were expecting it to ease to 55.0.
In the Asian session, at GMT0300, the pair is trading at 1.2495, with the USD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1.2449, and a fall through could take it to the next support level of 1.2403. The pair is expected to find its first resistance at 1.2525, and a rise through could take it to the next resistance level of 1.2555.
Moving ahead, investors would keep a close eye on Canada’s jobless rate data, set for release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
