USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 2.63% against the CAD and closed at 1.3385.
Data showed that Canada’s current account deficit narrowed to C$8.76 billion in the fourth quarter of 2019, compared to a revised deficit of C$10.86 billion in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.3440, with the USD trading 0.41% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3355, and a fall through could take it to the next support level of 1.3271. The pair is expected to find its first resistance at 1.3486, and a rise through could take it to the next resistance level of 1.3533.
Ahead in the day, investors would keep a close watch on Canada’s annualised gross domestic product for 4Q 19, slated to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
