USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.23% against the CAD to close at 1.2864.
The Canadian dollar lost ground, after Canada’s international merchandise trade deficit widened more-than-expected to a record level of C$3.4 billion, as a second consecutive month of falling exports cast doubts on the nation’s economic recovery. Markets were anticipating the nation to register a deficit of C$1.4 billion, following an upwardly revised international merchandise trade deficit of C$2.5 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2846, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 1.2734, and a fall through could take it to the next support level of 1.2622. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2999.
Moving ahead, investors will look forward to the release of Canada’s building permits data for March, due later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
