USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.61% against the CAD to close at 1.0893.
In economic news, Canada’s merchandised trade surplus narrowed to C$79.0 million in March, compared to C$847.0 million of surplus recorded in February. Separately, the Ivey Purchasing Managers Index declined to a seasonally adjusted reading of 54.1 in April, from a level of 55.2 in the previous month.
Meanwhile, the OECD, in its semi-annual report, expressed an optimistic outlook on the growth of the Canadian economy and urged the Bank of Canada to hike its interest rate as inflation nears 2.0%. The Paris-based group expects Canada’s GDP to grow 2.5% this year and eventually advance to 2.7% in 2015, after registering a 2.0% growth in 2013.
In the Asian session, at GMT0300, the pair is trading at 1.0890, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0855, and a fall through could take it to the next support level of 1.0819. The pair is expected to find its first resistance at 1.0943, and a rise through could take it to the next resistance level of 1.0995.
Later today, the Statistics Canada is scheduled to publish a report on building permits in Canada for March.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
