USDCAD Movement
On Friday, the USD rose 0.90% against the CAD to close at 1.1258. The CAD lost ground after Canada reported an international merchandise trade deficit of CAD 0.61 billion in August, from a revised surplus of CAD 2.2 billion in the previous month. Markets were expecting Canada to report a surplus of CAD 1.6 billion in August.
In the Asian session, at GMT0300, the pair is trading at 1.1245, with the USD trading 0.12% lower from Friday’s close.
The pair is expected to find support at 1.1181, and a fall through could take it to the next support level of 1.1118. The pair is expected to find its first resistance at 1.129, and a rise through could take it to the next resistance level of 1.1336.
Trading trends in the CAD today would be determined by Canada’s Ivey PMI, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
