USDCAD Movement
For the 24 hours to 23:00 GMT, the USD ticked up 0.43% against the CAD to close at 1.0541, after US economic data showed that second quarter US economic growth was revised higher.
Meanwhile in Canada, current account deficit recorded a reading of $14.6 billion in the second quarter, lower than a deficit of $14.9 billion expected by markets. Additionally, Industrial Product Price rose less than market expectations in July, while raw material price index showed a more-than-expected rise in the same month.
In the Asian session, at GMT0300, the pair is trading at 1.0533, with the USD trading modestly lower from yesterday’s close. Greenback turned lower this morning, as risk aversion across global markets faded, as concerns of a US military attack on Syria receded.
Traders are now looking ahead to Canadian economic growth figures for the second quarter to gauge further movements in the pair.
The pair is expected to find support at 1.0492, and a fall through could take it to the next support level of 1.0452. The pair is expected to find its first resistance at 1.0558, and a rise through could take it to the next resistance level of 1.0584.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
