USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.56% against the CAD to close at 1.2094.
Data released on Friday indicated that RBC’s manufacturing PMI for Canada rose to a level of 49.0 in April, but remained in the contraction territory and following a reading of 48.9 recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2112, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1.2071, and a fall through could take it to the next support level of 1.2030. The pair is expected to find its first resistance at 1.2168, and a rise through could take it to the next resistance level of 1.2223.
With no major economic releases in Canada today, investors would keep a close eye on the nation’s Ivey PMI data, scheduled tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
