USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.69% against the CAD and closed at 1.3143.
Yesterday, Canada’s current account deficit dropped less than expected to C$ 17.40 billion in 2Q, after registering a revised deficit of C$ 18.15 billion in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 1.3135, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.3058, and a fall through could take it to the next support level of 1.2981. The pair is expected to find its first resistance at 1.327, and a rise through could take it to the next resistance level of 1.3406.
Trading trends in the CAD today are expected to be determined by Q2 GDP figures as well as RBC manufacturing PMI data for August.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
