USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded marginally lower against the CAD to close at 1.1395, following dismal ISM non-manufacturing PMI data registered by the US.
Yesterday, Statistics Canada reported that the Canadian economy grew at a stronger pace in the first half of the year than previously expected. The agency raised its second-quarter economic growth forecast to a 3.6% annualised pace from 3.1% in August and further revised the first-quarter figure higher to 1.0% from 0.9%..
The Bank of Canada Deputy Gov. Lawrence Schembri highlighted the growing threat about the economic risks posed by the housing market in Canada along with the nation’s mortgage-financing regime and urged the officials to get the private sector to take on more of the risk.
In the Asian session, at GMT0300, the pair is trading at 1.1410, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.1365, and a fall through could take it to the next support level of 1.1319. The pair is expected to find its first resistance at 1.1462, and a rise through could take it to the next resistance level of 1.1513.
Meanwhile, market participants look forward to Canada’s building permits and Ivey’s PMI data, scheduled later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
