USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD and closed at 1.3565.
The Canadian dollar rose against the US dollar, following upbeat domestic trade data.
On the data front, Canada’s international merchandise trade deficit narrowed to C$0.7 billion in May, more than expectations for a deficit of C$3.0 billion and compared to a revised deficit of C$4.3 billion in the previous month. Moreover, the Markit manufacturing PMI rose to 47.8 in June, compared to a reading of 40.6 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3562, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3539, and a fall through could take it to the next support level of 1.3515. The pair is expected to find its first resistance at 1.3605, and a rise through could take it to the next resistance level of 1.3647.
In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
