Canada’s Manufacturing Shipments Declined More-Than-Expected In February

Fundamental analysis of Forex market

For the 24 hours to 23:00 GMT, the USD declined 0.08% against the CAD and closed at 1.3362.

On the macro front, Canada’s manufacturing shipments declined 0.2% on a monthly basis in February, compared to a revised rise of 0.8% in the prior month. Market participants had anticipated for manufacturing shipments to fall 0.1%.

In the Asian session, at GMT0300, the pair is trading at 1.3345, with the USD trading 0.13% lower against the CAD from yesterday’s close.

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The pair is expected to find support at 1.3325, and a fall through could take it to the next support level of 1.3305. The pair is expected to find its first resistance at 1.3384, and a rise through could take it to the next resistance level of 1.3423.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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