USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 5.63% against the CAD and closed at 1.3776.
On the data front, Canada’s current account deficit widened to C$11.1 billion in the first quarter of 2020, more than market forecast for a deficit of C$10.0 billion and compared to a revised deficit of C$9.3 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3772, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3743, and a fall through could take it to the next support level of 1.3715. The pair is expected to find its first resistance at 1.3797, and a rise through could take it to the next resistance level of 1.3823.
Moving ahead, traders would keep a watch on Canada’s annualised gross domestic product (GDP) for 1Q 2020, slated to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
