USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD and closed at 1.2766 on Friday.
Macroeconomic data showed that Canada reported international merchandise trade deficit of C$3.18 billion in September, from a revised international merchandise trade deficit of C$3.18 billion in the prior month. Market had anticipated the nation to report a trade deficit of C$3.0 billion. Meanwhile, the unemployment rate in Canada unexpectedly rose to 6.3% in October, compared to market expectations of an unchanged reading. In the prior month, the unemployment rate stood at 6.2%.
In the Asian session, at GMT0400, the pair is trading at 1.2768, with the USD trading a tad higher from Friday’s close.
The pair is expected to find support at 1.271, and a fall through could take it to the next support level of 1.2652. The pair is expected to find its first resistance at 1.2831, and a rise through could take it to the next resistance level of 1.2894.
Later in the day, traders will await the release of Canada’s Ivey PMI data for October.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
