USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD to close at 1.3138.
In economic news, Canada’s international merchandise trade deficit widened to C$1.9 billion in February, from a revised international merchandise trade deficit of C$0.63 billion in the prior month. Market anticipation was for a trade deficit of C$0.9 billion. Further, exports declined to C$43.7 billion from C$46.2 billion, while imports fell to $45.6 billion, from $46.8 billion in February.
Separately, the BoC’s Senior Deputy Governor, Carolyn Wilkins, indicated that China’s demand for commodities will continue to remain high and that the slowdown in China will not have a significant impact on the Canadian economy, as banks in the nation have little direct exposure to China and is well positioned to manage risk.
In the Asian session, at GMT0300, the pair is trading at 1.3123, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.3059, and a fall through could take it to the next support level of 1.2995. The pair is expected to find its first resistance at 1.3202, and a rise through could take it to the next resistance level of 1.3281.
Moving ahead, investors will look forward to Canada’s Ivey purchasing managers index data for March, due later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
