USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD and closed at 1.3186.
In economic news, Canada’s international merchandise trade deficit narrowed to C$1.94 billion in August, hitting its lowest level in eight months, compared to market expectations of a trade deficit of C$2.45 billion and after posting a revised trade deficit of C$2.19 billion in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3183, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3150, and a fall through could take it to the next support level of 1.3116. The pair is expected to find its first resistance at 1.3224, and a rise through could take it to the next resistance level of 1.3264.
Looking forward, Canada’s building permits for August, due to release later today, would be on investor’s radar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
