USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3151.
In economic news, Canada’s international merchandise trade deficit narrowed to CAD$0.98 billion in September, compared to a revised deficit of CAD$1.24 billion in the prior month. Market participants had envisaged the nation to record a deficit of CAD$0.70 billion.
In the Asian session, at GMT0400, the pair is trading at 1.3162, with the USD trading 0.08% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3125, and a fall through could take it to the next support level of 1.3089. The pair is expected to find its first resistance at 1.3188, and a rise through could take it to the next resistance level of 1.3215.
Trading trend in the Loonie today, is expected to be determined by Canada’s Ivey Purchasing Managers’ Index for October, slated to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
