USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.15% against the CAD to close at 1.2571. The CAD came under pressure, after Canada’s Ivey PMI plunged to a 4-year low level of 42.6 in January, lower than market expectations for a drop to a level of 53.4, thus slipping into contraction territory and raising concerns over the nation’s economic outlook. The index had registered a reading of 55.4 in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.2546, with the USD trading 0.2% lower from yesterday’s close.
The pair is expected to find support at 1.2425, and a fall through could take it to the next support level of 1.2305. The pair is expected to find its first resistance at 1.2630, and a rise through could take it to the next resistance level of 1.2714.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
