USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.3409.
Data showed that Canada’s merchandise trade deficit narrowed less than expected to C$4.3 billion in January, compared to a revised deficit of C$4.8 billion in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3405, with the USD trading slightly lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3375, and a fall through could take it to the next support level of 1.3344. The pair is expected to find its first resistance at 1.3438, and a rise through could take it to the next resistance level of 1.3470.
Trading trend in the Loonie today, is expected to be determined by Canada’s CFIB business barometer for March, slated to release in a while.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
