USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD to close at 1.0588 in a Thanks-giving holiday trading session.
In Canada, an official report revealed that the nation’s current account deficit narrowed to CAD15.47 billion in the third quarter, lesser than analysts’ expectations for the deficit to narrow to CAD14.40 billion from previous quarter’s record of CAD15.92 billion. Separately, another official data showed that the industrial product price in the nation declined lesser-than-expected 0.3% (MoM) in October, but faster than a 0.2% fall recorded in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0598, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.0576, and a fall through could take it to the next support level of 1.0555. The pair is expected to find its first resistance at 1.0610, and a rise through could take it to the next resistance level of 1.0623.
Later today, the Statistics Canada is scheduled to report Canada’s gross domestic product (GDP) data, which is widely expected to register an annualised rise of 2.5% (QoQ) in the third quarter, following a 1.7% (QoQ) rise recorded in the preceding quarter.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
