USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.1033 as traders cheered an upbeat US factory orders data and a report by ADP which revealed that US private sector jobs in March increased the most in three months.
In the Asian session, at GMT0300, the pair is trading at 1.1029, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1004, and a fall through could take it to the next support level of 1.098. The pair is expected to find its first resistance at 1.1051, and a rise through could take it to the next resistance level of 1.1074.
Later today, the Statistics Canada is scheduled to publish a report on Canada’s international merchandise trade balance, which would provide an insight into the value of imports and exports of Canadian goods excluding intangibles like services.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
