USD/CAD: Manufacturing shipments retreated in Canada; Loonie tad lower this morning

USD CAD

USDCAD Movement

For the 24 hours to 23:00 GMT on Friday, the USD rose 0.11% against the CAD to close at 0.9855.

On the economic front, manufacturing shipments in Canada declined 1.4% (MoM) in October, compared to a flat reading recorded in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9860, with the USD trading marginally higher from Friday’s close.

The pair is expected to find support at 0.9840, and a fall through could take it to the next support level of 0.982. The pair is expected to find its first resistance at 0.9873, and a rise through could take it to the next resistance level of 0.9886.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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