USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD and closed at 1.3493 on Friday.
On Friday, data revealed that Canada’s international merchandise trade deficit fell to C$0.37 billion in April, compared to a revised international merchandise trade deficit of C$0.94 billion in the previous month. Markets were expecting the nation to post a trade deficit of C$0.02 billion.
Additionally, the nation’s labour productivity registered a rise of 1.4% on a quarterly basis in 1Q 2017, higher than market expectations for an advance of 1.2%. In the previous quarter, labour productivity had climbed 0.4%.
In the Asian session, at GMT0300, the pair is trading at 1.3489, with the USD trading a tad lower from Friday’s close.
The pair is expected to find support at 1.3464, and a fall through could take it to the next support level of 1.344. The pair is expected to find its first resistance at 1.353, and a rise through could take it to the next resistance level of 1.3572.
Amid a lack of economic data in Canada today, market participants will look forward to global economic releases for further direction in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
