USD/CAD: Loonie trading slightly higher, ahead of Canada’s unemployment rate data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.74% against the CAD and closed at 1.2569.

On the macro front, Canada’s international merchandise trade deficit surprisingly widened to C$3.41 billion in August, defying investor consensus for the nation’s trade deficit to narrow to C$2.60 billion and following a revised deficit of C$2.98 billion in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2574, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2496, and a fall through could take it to the next support level of 1.2417. The pair is expected to find its first resistance at 1.2619, and a rise through could take it to the next resistance level of 1.2663.

Trading trend in the pair today is expected to be determined by the release of Canada’s crucial unemployment rate data for September, due to release later in the day.

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

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