USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3469.
On the macro front, Canada’s current account deficit widened more-than-expected to a level of C$14.1 billion in 1Q 2017, from a revised deficit of C$11.8 billion in the previous quarter. Markets were anticipating the country’s deficit to rise to a level of C$12.0 billion.
In the Asian session, at GMT0300, the pair is trading at 1.3461, with the USD trading 0.06% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3439, and a fall through could take it to the next support level of 1.3416. The pair is expected to find its first resistance at 1.3495, and a rise through could take it to the next resistance level of 1.3528.
This afternoon will bring a crucial Canadian release, namely gross domestic product (GDP) for March and first quarter.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
