USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.26% against the CAD to close at 1.0157.
In Canadian economic news, manufacturing shipments dropped unexpectedly by 0.3% (MoM) in March, compared to a revised 2.8% increase recorded in the previous month. Market had expected a rise of 0.6%.
In the Asian session, at GMT0300, the pair is trading at 1.0159, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0132, and a fall through could take it to the next support level of 1.0106. The pair is expected to find its first resistance at 1.0203, and a rise through could take it to the next resistance level of 1.0248.
The Bank of Canada’s quarterly review portraying the economic conditions in the nation is of major interest today.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
