USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the CAD to close at 1.3162.
In economic news, Canada’s raw material price index advanced 3.0% MoM in September, more than market expectations for an advance of 1.1%, after declining by 6.8% in the previous month. However, the nation’s industrial product price index fell more-than-expected by 0.3% MoM in September, compared to a similar fall in the prior month. Investors had expected it to decline 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.3158, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3114, and a fall through could take it to the next support level of 1.3069. The pair is expected to find its first resistance at 1.3221, and a rise through could take it to the next resistance level of 1.3284.
Going ahead, market participants will concentrate on Canada’s GDP data for August, scheduled to be released later today, for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
