USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, USD declined 0.52% against the CAD to close at 0.9782.
In Canada, the Ivey Purchasing Managers Index (PMI) on a seasonally adjusted number dropped less-than-expected to 62.5 in August, from 62.8 in July. Separately, nation’s unemployment rate remained unchanged at 7.3% in August.
Separately, the Bank of Canada Governor, Mark Carney, stated that the global demand and prices for commodities, though slowing at present from peaks, would continue high for decades ahead, driven by rural people moving in millions to the cities of China and India.
In the Asian session, at GMT0300, the pair is trading at 0.9781, with the USD trading flat from Friday’s close.
The pair is expected to find support at 0.9756, and a fall through could take it to the next support level of 0.9730. The pair is expected to find its first resistance at 0.9817, and a rise through could take it to the next resistance level of 0.9852.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
