USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.39% against the CAD to close at 1.2542.
The CAD gained ground, as Canada’s RBC manufacturing PMI bounced back to expansion territory after it registered a level of 51.3 in June, up from 49.8 in May.
In the Asian session, at GMT0300, the pair is trading at 1.2558, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.2518, and a fall through could take it to the next support level of 1.2479. The pair is expected to find its first resistance at 1.2616, and a rise through could take it to the next resistance level of 1.2675.
Amid no economic releases in Canada today, investors look forward to the nation’s Ivey PMI data as well as the BoC business outlook survey, scheduled on Monday, for further cues in the CAD.
The currency pair is showing convergence with its 20 Hr moving average and trading slightly above its 50 Hr moving average.
