USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.53% against the CAD to close at 1.2715.
Yesterday, the Canadian Finance Minister, Joe Oliver, maintained his optimistic outlook of the nation’s economy. He believes that more economic data is needed to be looked at to confirm if the economy was facing any recession, despite falling oil prices and downbeat trade numbers.
In other economic news, Canada’s international merchandise trade deficit unexpectedly widened to C$3.34 billion in May, following a revised deficit of C$2.99 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2733, with the USD trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.2662, and a fall through could take it to the next support level of 1.259. The pair is expected to find its first resistance at 1.2793, and a rise through could take it to the next resistance level of 1.2852.
Meanwhile, investors look forward to the release of Canada’s building permits data, scheduled later in the day, which is widely expected to fall in May after rising 11.6% in the previous month.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
