USDCAD Movement
For the 24 hours to 23:00 GMT, the USD remained flat against the CAD and closed at 1.3534.
On the economic front, Canada’s Q4 current account deficit rose less-than-expected to a level of C$15.38 billion in 4Q 2015, following a revised reading of C$15.31 billion in the preceding quarter and compared to market expectations to rise to a level of C$15.55 billion.
In the Asian session, at GMT0400, the pair is trading at 1.3532, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3479, and a fall through could take it to the next support level of 1.3427. The pair is expected to find its first resistance at 1.3587, and a rise through could take it to the next resistance level of 1.3642.
Moving ahead, investors await the release of Canada’s GDP data for December, scheduled to be released later in the day, for further cues.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
