USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.39% against the CAD to close at 1.0356. The Canadian Dollar faced a sell off after an official report showed that the nation’s trade deficit expanded to a level of $1.31 billion in August, defying market expectation for a decline to $0.70 billion and compared to a deficit of $1.19 billion registered in the previous month. However, losses were kept in check after a report revealed that, on a seasonally adjusted yearly basis, housing starts in the nation rose to a level of 193,600 in September, more than analysts’ call for a rise to 185,000 and compared to a reading of 184,000 witnessed in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.0373, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.0326, and a fall through could take it to the next support level of 1.0280. The pair is expected to find its first resistance at 1.0397, and a rise through could take it to the next resistance level of 1.0422.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
