USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.35% against the CAD to close at 1.0109.
On economic front, Canada’s international merchandise trade balance swung to a surplus of C$24 million in March as compared to a downwardly revised deficit of C$1.25 billion in the previous month.
In other developments, Stephen Poloz, the Head of the nation’s export-financing agency, has been named to lead the Bank of Canada, succeeding present Governor, Mark Carney.
In the Asian session, at GMT0300, the pair is trading at 1.0114, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0076, and a fall through could take it to the next support level of 1.0037. The pair is expected to find its first resistance at 1.0134, and a rise through could take it to the next resistance level of 1.0153.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
