USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD and closed at 1.2912.
Data revealed that, Canada’s current account deficit narrowed less than expected to C$15.9 billion in 2Q 2018, following a revised deficit of C$17.5 billion in the prior quarter. Market participants had expected the nation’s current account deficit to narrow to C$15.3 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2919, with the USD trading 0.05% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2894, and a fall through could take it to the next support level of 1.2869. The pair is expected to find its first resistance at 1.2953, and a rise through could take it to the next resistance level of 1.2987.
Going forward, traders will closely monitor Canada’s gross domestic product (GDP) for June, due to be released later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
