USD/CAD: Canada’s CFIB business barometer dropped in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CAD and closed at 1.3435.

Data indicated that Canada’s CFIB business barometer decline to a level of 55.9 in March, following a level of 59.0 in the preceding month.

In the Asian session, at GMT0400, the pair is trading at 1.3432, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3402, and a fall through could take it to the next support level of 1.3373. The pair is expected to find its first resistance at 1.3456, and a rise through could take it to the next resistance level of 1.3481.

Trading trend in the Loonie today, is expected to be determined by Canada’s gross domestic product for January, slated to release later in the day.

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

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