USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.1037. However, the Canadian Dollar pared some its initial losses after data showed that Canada’s merchandise trade balance swung to a first surplus in five months at C$0.29 billion in February, buoyed by the biggest one-month gain in exports in more than two years.
In the Asian session, at GMT0300, the pair is trading at 1.1030, with the USD trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.1006, and a fall through could take it to the next support level of 1.0983. The pair is expected to find its first resistance at 1.1050, and a rise through could take it to the next resistance level of 1.1071.
Later today, the Statistics Canada is expected to publish Canada’s employment data while the Richard Ivey School of Business is scheduled to report the trend in its purchasing managers’ index for Canada.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
