USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD to close at 1.0501. The Loonie registered gains following a rise in crude prices. Also, a decline in Canada’s international merchandise trade deficit to C$303 million in May, favoured the domestic currency.
In the Asian session, at GMT0300, the pair is trading at 1.0512, with the USD trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 1.0483, and a fall through could take it to the next support level of 1.0453. The pair is expected to find its first resistance at 1.0554, and a rise through could take it to the next resistance level of 1.0595.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
