USD/CAD: Loonie trading marginally lower ahead of Canada’s international merchandise trade figures and unemployment rate


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.48% against the CAD and closed at 1.2812.

In the Asian session, at GMT0400, the pair is trading at 1.2813, with the USD trading a tad higher from yesterday’s close.

The pair is expected to find support at 1.2787, and a fall through could take it to the next support level of 1.2762. The pair is expected to find its first resistance at 1.285, and a rise through could take it to the next resistance level of 1.2888.

Moving ahead, Canada’s international merchandise trade data for September coupled with the nation’s unemployment rate for October, both due today, will be on investors’ radar.

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

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