USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.20% against the CAD to close at 1.0298. The Loonie advanced against the greenback as investors reacted positively to an upbeat domestic manufacturing shipment data, which rose at the fastest pace in five months in July.
In Canada, an official report revealed that the nation’s manufacturing shipment surged 1.7% (MoM) in the month of July, surpassing analysts’ call for a rise to 0.5% and compared to a 0.1% drop seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0301, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.0272, and a fall through could take it to the next support level of 1.0243. The pair is expected to find its first resistance at 1.0332, and a rise through could take it to the next resistance level of 1.0363.
During the later course of the day, investors await the Bank of Canada (BoC) Governor, Stephen Poloz speech, for further cues. Traders would also concentrate on the Federal Open Market Committee (FOMC) two-day meeting that ends today after which policy makers would announce whether they would slow monthly asset purchases or not.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
