USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD and closed at 1.3470.
On the macro front, Canada’s Ivey Purchasing Managers Index climbed to 55.9 in April, compared to a level of 54.3 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3464, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3420, and a fall through could take it to the next support level of 1.3375. The pair is expected to find its first resistance at 1.3499, and a rise through could take it to the next resistance level of 1.3533.
Trading trend in the Loonie today, is expected to be determined by Canada’s housing starts for April, scheduled to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
