USD/CAD: Canada posts a surprise trade deficit in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.1% against the CAD and closed at 1.3397.

The Canadian Dollar lost ground, after Canada surprisingly posted an international merchandise trade deficit of C$0.97 billion in February, following a revised surplus of C$0.42 billion in the previous month, whereas markets were expecting the nation to record a surplus of C$0.60 billion.

In the Asian session, at GMT0300, the pair is trading at 1.3392, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3358, and a fall through could take it to the next support level of 1.3323. The pair is expected to find its first resistance at 1.3441, and a rise through could take it to the next resistance level of 1.3489.

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

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