USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.52% against the CAD to close at 1.0928.
On the macro front, Canada’s manufacturing sector gained momentum after the nation’s manufacturing PMI climbed to a level of 54.8 in August, up from 54.3 recorded in July, thus marking its ninth consecutive month of improvement.
In the Asian session, at GMT0300, the pair is trading at 1.093, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.0896, and a fall through could take it to the next support level of 1.0861. The pair is expected to find its first resistance at 1.0951, and a rise through could take it to the next resistance level of 1.0971.
Trading trends in the CAD today are expected to be determined by the BoC’s crucial interest rate decision, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
