USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the CAD and closed at 1.3262.
On the data front, Canada’s international merchandise trade deficit widened to $3.2 billion in June, amid rise in imports and compared to a revised deficit of $1.3 billion in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3275, with the USD trading 0.10% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3238, and a fall through could take it to the next support level of 1.3202. The pair is expected to find its first resistance at 1.3307, and a rise through could take it to the next resistance level of 1.3340.
In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
