USD/CAD: Loonie trading a tad lower in Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.3281.

On the data front, Canada’s CFIB business barometer advanced to a level of 61.2 in November, following a reading of 60.5 in the preceding month. Meanwhile, the nation’s current account deficit narrowed more than anticipated to a level of C$10.3 billion, compared to a revised deficit of C$16.7 billion.

In the Asian session, at GMT0400, the pair is trading at 1.3286, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3256, and a fall through could take it to the next support level of 1.3225. The pair is expected to find its first resistance at 1.3315, and a rise through could take it to the next resistance level of 1.3343.

Looking ahead, investors would await Canada’s gross domestic product for September, 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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