USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CAD to close at 1.1400.
On the macro front, Canada registered an international merchandise trade surplus of CAD 0.71 billion in September, compared to a revised international merchandise trade deficit of CAD 0.46 billion in the previous month.
Yesterday, the BoC Governor, Stephen Poloz stated that there was a significant slack in the nation’s economy and indicated that getting young people into the workforce was the central bank’s latest barometer of the nation’s economic health.
In the Asian session, at GMT0400, the pair is trading at 1.1394, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.1344, and a fall through could take it to the next support level of 1.1293. The pair is expected to find its first resistance at 1.1437, and a rise through could take it to the next resistance level of 1.1479.
Amid no economic releases from Canada today, investor sentiments would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
