For the 24 hours to 23:00 GMT, the USD rose 7.74% against the CAD and closed at 1.4051 on Friday.
On the data front, Canada’s Markit manufacturing PMI dropped to 33.0 in April, more than market expectations for a drop to a level of 41.5 and compared to a reading of 46.1 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.4123, with the USD trading 0.51% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.4023, and a fall through could take it to the next support level of 1.3922. The pair is expected to find its first resistance at 1.4188, and a rise through could take it to the next resistance level of 1.4252.
In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
