USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD and closed at 1.3289.
Data showed that Canada’s current account deficit narrowed to CAD$6.4 billion in 2Q 2019, compared to a revised deficit of CAD$16.6 billion in the previous quarter. Markets participants had expected the nation to register a deficit of CAD$9.8 billion. Meanwhile, the nation’s CFIB business barometer advanced to a level of 60.6 in August, following a reading of 57.8 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3300, with the USD trading 0.08% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3276, and a fall through could take it to the next support level of 1.3251. The pair is expected to find its first resistance at 1.3322, and a rise through could take it to the next resistance level of 1.3343.
Moving ahead, investors would keep an eye on Canada’s gross domestic product for 2Q, scheduled to release later in the day.
The currency pair is trading above its 20 Hr and showing convergence with its 50 Hr moving average.
