USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.40% against the CAD to close at 1.0918.
In economic news, Canada’s merchandise trade balance recorded an unexpectedly large trade surplus of C$1.86 billion, compared to a surplus of C$580 million in previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0914, with the USD trading 0.04% lower from yesterday’s close.
The pair is expected to find support at 1.0887, and a fall through could take it to the next support level of 1.0859. The pair is expected to find its first resistance at 1.0965, and a rise through could take it to the next resistance level of 1.1015.
Trading trends in the Canadian Dollar today are expected to be determined by the release of building permits and Ivey PMI data from Canada, to be out later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
