USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 3.48% against the CAD and closed at 1.3496.
The Canadian dollar declined against the US dollar, amid fall in oil prices and decline in exports.
On the data front, Canada’s international merchandise trade deficit widened to C$3.3 billion in April, more than market forecast for a deficit of C$2.4 billion and compared to a revised deficit of C$1.5 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3501, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3466, and a fall through could take it to the next support level of 1.3430. The pair is expected to find its first resistance at 1.3539, and a rise through could take it to the next resistance level of 1.3576.
Looking ahead, traders would keep a watch on Canada’s unemployment rate and the Ivey Purchasing Managers’ Index, both for May, slated to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
