USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.27% against the CAD to close at 1.0296. The Canadian Dollar registered gains after Canada’s merchandise trade deficit narrowed to C$237 million in January, from an upwardly revised deficit of $332 million in December. Moreover, the US trade deficit widened in January, reflecting surge in oil imports from Canada.
Additionally, building permits in Canada advanced 1.7% to a seasonally adjusted CAD5.846 billion in January, from a revised decline of 10.4% recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0313, with the USD trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.0290, and a fall through could take it to the next support level of 1.0268. The pair is expected to find its first resistance at 1.0328, and a rise through could take it to the next resistance level of 1.0344.
Traders foresee lot of action in Canadian economic front ahead in the day, as nation’s housing starts data is expected to show some improvement in February, while net change in employment is speculated to shift in the positive territory. The unemployment rate is expected to rise in February.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
