USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD to close at 1.0882.
In economic news, the Canadian international merchandise trade surplus widened to C$2.58 billion in July, higher than market expectations of C$1.15 billion and compared to a revised trade surplus of C$1.83 billion in June.
In the Asian session, at GMT0300, the pair is trading at 1.0882, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.083, and a fall through could take it to the next support level of 1.0779. The pair is expected to find its first resistance at 1.0922, and a rise through could take it to the next resistance level of 1.0963.
Trading trends in the CAD today are expected to be determined by Canada’s crucial unemployment rate, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
