USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.63% against the CAD to close at 1.1837.
Yesterday’s data showed that Canada’s raw material price index slid more than expected 5.8% on a monthly basis in November, against market expectations of a fall of 4.7%, while the nation’s industrial product price fell 0.4% on a MoM basis in November, compared to a decline of 0.6% recorded in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1828, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.1760, and a fall through could take it to the next support level of 1.1693. The pair is expected to find its first resistance at 1.1871, and a rise through could take it to the next resistance level of 1.1915.
Looking ahead, investors would monitor Canada’s Ivey PMI data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
