For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD and closed at 1.3180.

In economic news, Canada’s seasonally adjusted Ivey PMI advanced to a 3-month high level of 60.0 in November, surpassing market expectations of a rise to a level of 53.8. In the prior month, the PMI had registered a level of 48.2.

In the Asian session, at GMT0400, the pair is trading at 1.3184, with the USD trading slightly higher against the CAD from yesterday’s close.

- advertisement -

The pair is expected to find support at 1.3165, and a fall through could take it to the next support level of 1.3146. The pair is expected to find its first resistance at 1.3197, and a rise through could take it to the next resistance level of 1.3210.

Moving ahead, traders would closely monitor Canada’s unemployment rate and average hourly wages for November, slated to release later in the day

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.