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.
