USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.21% against the CAD to close at 1.2526.
The CAD gained ground, after Canada’s RBC manufacturing PMI advanced to a 16-month high level of 52.2 in April, from a reading of 51.5 in the previous month.
On Friday, data showed that Canada’s GDP declined in line with market expectations by 0.1% MoM in February, its first fall in five months, as the nation’s manufacturing, mining and energy sectors all slowed down. The nation had recorded a rise of 0.6% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2504, with the USD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1.2483, and a fall through could take it to the next support level of 1.2461. The pair is expected to find its first resistance at 1.2545, and a rise through could take it to the next resistance level of 1.2585.
Going ahead, investors will look forward to a speech by the BoC Governor, Stephen Poloz, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
