For the 24 hours to 23:00 GMT, the USD rose 7.61% against the CAD and closed at 1.4034.
On the data front, Canada’s manufacturing sales unexpectedly rose 0.5% on a monthly basis in February, defying market forecast for a drop of 0.1% and compared to a revised fall of 0.7% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.4025, with the USD trading 0.06% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3960, and a fall through could take it to the next support level of 1.3894. The pair is expected to find its first resistance at 1.4137, and a rise through could take it to the next resistance level of 1.4248.
In absence of key macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
