USD/CAD: Canada’s trade deficit narrowed in July as exports climbed during the month

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.86% against the CAD on Friday to close at 1.2985.

The Canadian Dollar gained ground after Canada’s international merchandise trade deficit narrowed to C$2.5 billion in July, as exports edged up during the month. The nation had recorded a revised international merchandise trade deficit of C$4.0 billion in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2969, with the USD trading 0.12% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.2913, and a fall through could take it to the next support level of 1.2858. The pair is expected to find its first resistance at 1.3069, and a rise through could take it to the next resistance level of 1.3170.

On account of a holiday observed in Canada today, investor sentiment would be governed by global macroeconomic news.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.