USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.57% against the CAD and closed at 1.3089.
Macroeconomic data indicated that, Canada’s current account deficit climbed less-than-anticipated to a level of C$19.9 billion in 2Q 2016, compared to market expectations for the nation to post a current account deficit of C$20.2 billion and after registering a revised current account deficit of C$16.6 billion in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 1.3084, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3030, and a fall through could take it to the next support level of 1.2975. The pair is expected to find its first resistance at 1.3125, and a rise through could take it to the next resistance level of 1.3165.
Going ahead, Canada’s GDP data for June, slated to release later today, would attract a significant amount of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
