USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD and closed at 1.3005.
In economic news, Canada’s Ivey Purchasing Managers Index dropped to 51.9 in December, compared to a level of 60.0 in the previous month. On the flipside, international merchandise trade deficit narrowed more than expected to C$1.1 billion in November, compared to a revised deficit of C$1.6 billion in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2983, with the USD trading 0.17% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2950, and a fall through could take it to the next support level of 1.2917. The pair is expected to find its first resistance at 1.3023, and a rise through could take it to the next resistance level of 1.3063.
With no macroeconomic releases in Canada today, investors would look forward to global macroeconomic releases for further direction.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
