USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CAD and closed at 1.2956.
In economic news, Canada’s international merchandise trade deficit narrowed slightly to a level of C$3.28 billion in May, compared to April’s revised trade deficit of $3.32 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2970, with the USD trading 0.11% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2924, and a fall through could take it to the next support level of 1.2877. The pair is expected to find its first resistance at 1.3036, and a rise through could take it to the next resistance level of 1.3101.
Going ahead, Canada’s Ivey purchasing managers’ index and building permits data, scheduled to be released later in the day, will be on investor’s radar.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
