USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD to close at 1.0552.
In the Asian session, at GMT0300, the pair is trading at 1.0542, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0499, and a fall through could take it to the next support level of 1.0455. The pair is expected to find its first resistance at 1.0583, and a rise through could take it to the next resistance level of 1.0623.
Trading trends in the pair today are expected to be determined by the release of Canadian international merchandise trade data, wherein investors forecast a wider deficit in May.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
