USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.09% against the CAD to close at 1.3178.
In economic news, Canada recorded an international merchandise trade deficit of C$0.48 billion in June, lower than a revised deficit of C$3.37 billion registered in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3165, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.3112, and a fall through could take it to the next support level of 1.3059. The pair is expected to find its first resistance at 1.3215, and a rise through could take it to the next resistance level of 1.3266.
Amid no economic releases from Canada today, investors would shift their focus on the Friday’s release of unemployment rate and building permits.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
