USD/CAD: Canada’s trade deficit sharply narrowed in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD and closed at 1.3751.

On the macro front, Canada’s international merchandise trade deficit narrowed more-than-anticipated to a level C$0.14 billion in March, amid a rise in exports. Markets expected the nation’s international merchandise trade deficit to narrow to a level of C$1.0 billion, following a revised deficit of C$1.1 billion in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3770, with the USD trading 0.14% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3720, and a fall through could take it to the next support level of 1.3670. The pair is expected to find its first resistance at 1.3797, and a rise through could take it to the next resistance level of 1.3824.

Ahead in the day, traders will focus on Canada’s unemployment rate data for April, to gauge strength in the nation’s labour market.

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

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