USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD to close at 1.3046.
In economic news, Canada’s current account deficit widened to a level of C$16.77 billion in 1Q 2016, mainly due to a decline in crude oil prices. Markets were anticipating a current account deficit of C$16.80 billion, following a revised current account deficit of C$15.70 billion in the previous quarter.
In other economic news, the nation’s raw material price index rose less-than-expected by 0.7% MoM in April, compared to an advance of 4.5% in the prior month. Additionally, the industrial product price index unexpectedly dropped 0.5% MoM in April, following a decline of 0.6% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3026, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.2999, and a fall through could take it to the next support level of 1.2973. The pair is expected to find its first resistance at 1.3073, and a rise through could take it to the next resistance level of 1.3121.
Going ahead, investors will look forward to Canada’s GDP data for March, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
