USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.52% against the CAD to close at 1.3365.
In economic news, Canada’s industrial product price index declined more-than-expected by 0.5% MoM in October, against investor expectations for a fall of 0.1%. In the prior month, the index had dropped by a revised 0.4%. On the other hand, the nation’s raw material price index advanced 0.4% in October, compared to a revised rise of 2.4% in the previous month. Investors had expected it to rise 0.3%.
In the Asian session, at GMT0400, the pair is trading at 1.3383, with the USD trading 0.13% higher from Friday’s close.
The pair is expected to find support at 1.3322, and a fall through could take it to the next support level of 1.3260. The pair is expected to find its first resistance at 1.3416, and a rise through could take it to the next resistance level of 1.3449.
Moving ahead, market participants will look forward to Canada’s GDP and RBC manufacturing PMI data, scheduled to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
