USDCAD Movement
On Friday, the USD declined 0.32% against the CAD to close at 1.2471.
On the macro front, manufacturing shipments in Canada rebounded more than expected by 1.7% on a monthly basis in December, against market expectations of 1.0%. It had fallen 1.3% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.2430, with the USD trading 0.33% lower from Friday’s close.
The pair is expected to find support at 1.2389, and a fall through could take it to the next support level of 1.2348. The pair is expected to find its first resistance at 1.2505, and a rise through could take it to the next resistance level of 1.2579.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
