USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.65% against the CAD and closed at 1.3073.
On the macro front, Canada’s manufacturing sales fell 0.6% on a monthly basis in November, compared to a revised drop of 0.2% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3085, with the USD trading 0.09% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3061, and a fall through could take it to the next support level of 1.3036. The pair is expected to find its first resistance at 1.3101, and a rise through could take it to the next resistance level of 1.3116.
Moving ahead, investors would direct their attention to the Bank of Canada’s interest rate decision, due later today, where the central bank is expected to keep interest rates steady. Moreover, Canada’s consumer price index and new housing price index, both for December, will also be eyed by traders.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
