USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.35% against the CAD to close at 0.9971.
The Loonie rose, after the Ivey purchasing managers index in Canada, on a seasonally adjusted basis, climbed to 62.8 in July, highest level since March and from 49.0 in June.
Meanwhile, on the housing front, the total value of building permits in Canada fell 2.5% (MoM) in June, against the market expectation of a 3.6% drop.
In the Asian session, at GMT0300, the pair is trading at 0.9974, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 0.9954, and a fall through could take it to the next support level of 0.9934. The pair is expected to find its first resistance at 1.0003, and a rise through could take it to the next resistance level of 1.0032.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
