USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.55% against the CAD to close at 1.3192. CAD gained ground, after Canada’s international merchandise trade deficit narrowed to C$0.59 billion in July, compared to a revised deficit of C$0.81 billion in the previous month. Markets were expecting the nation to register a deficit of C$ 1.20 billion.
In the Asian session, at GMT0300, the pair is trading at 1.3214, with the USD trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.3136, and a fall through could take it to the next support level of 1.3057. The pair is expected to find its first resistance at 1.3292, and a rise through could take it to the next resistance level of 1.3369.
Looking ahead, Canada’s employment as well as Ivey PMI data, scheduled later today, would grab lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
