USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CAD and closed at 1.3429.
On the data front, Canada’s current account deficit narrowed less-than-expected to a level of C$18.3 billion in 3Q 2016, following a revised current account deficit of C$19.02 billion in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.3437, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3403, and a fall through could take it to the next support level of 1.3368. The pair is expected to find its first resistance at 1.3476, and a rise through could take it to the next resistance level of 1.3514.
This afternoon will bring crucial Canadian release, namely gross domestic product for September.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
