USD/CAD: Canada’s current account deficit widened more-than-estimated in 4Q 2018


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD and closed at 1.3168.

Data showed that Canada’s CFIB business barometer climbed to a level of 59.0 in February, following a level of 56.1 in the prior month.

Meanwhile, the nation’s current account deficit widened to a level of CAD15.48 billion in 4Q 2018, compared to a revised deficit of CAD10.11 billion in the previous quarter.

In the Asian session, at GMT0400, the pair is trading at 1.3164, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3134, and a fall through could take it to the next support level of 1.3105. The pair is expected to find its first resistance at 1.3200, and a rise through could take it to the next resistance level of 1.3237.

Moving ahead, traders would await Canada’s gross domestic product for December and the MLI leading indicator for January, set to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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