USDCAD Movement
For the 24 hours to 23:00 GMT, the USD fell 0.10% against the CAD to close at 1.2082.
In economic news, Canada’s international merchandise trade deficit came in at C$ 3.02 billion in March, following a revised trade deficit of C$2.22 billion in the previous month. Market expectations were for the nation to register a deficit of C$0.80 billion.
In the Asian session, at GMT0300, the pair is trading at 1.205, with the USD trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 1.1989, and a fall through could take it to the next support level of 1.1928. The pair is expected to find its first resistance at 1.2123, and a rise through could take it to the next resistance level of 1.2195.
Going forward, investors would closely monitor Canada’s Ivey PMI data, scheduled later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
