USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.99% against the CAD to close at 1.1322. The CAD traded on a stronger footing, after Canada’s manufacturing PMI remained steady at 12-month high reading of 55.3 in November.
In the Asian session, at GMT0400, the pair is trading at 1.1325, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1277, and a fall through could take it to the next support level of 1.1229. The pair is expected to find its first resistance at 1.1409, and a rise through could take it to the next resistance level of 1.1493.
Amid lack of economic releases from Canada today, investors await the BoC’s crucial interest rate decision, scheduled for tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
