USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.63% against the CAD to close at 1.0350. The loonie came under pressure as Canada’s international merchandise trade deficit widened to CAD$567 million in April, compared to a revised trade deficit of CAD$3 million in the previous month. Imports rose to a record high of CAD$40.8 billion, while exports fell to CAD$40.3 billion.
In the Asian session, at GMT0300, the pair is trading at 1.0339, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.0294, and a fall through could take it to the next support level of 1.0250. The pair is expected to find its first resistance at 1.0375, and a rise through could take it to the next resistance level of 1.0412.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
