USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CAD and closed at 1.2997.
The Canadian dollar strengthened against the US dollar, after the US Federal Reserve left interest rates on hold and amid optimism over NAFTA trade pact.
Data indicated that Canada’s manufacturing PMI fell slightly to a level of 56.9 in July, compared to a reading of 57.1 in the previous month. Separately, the nation’s leading indicator rose 0.2% on monthly basis in June, compared to a fall of 0.1% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3008, with the USD trading 0.08% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2978, and a fall through could take it to the next support level of 1.2949. The pair is expected to find its first resistance at 1.3035, and a rise through could take it to the next resistance level of 1.3063.
In absence of key economic releases in Canada today, traders would keep an eye on global macroeconomic releases for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
