USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD to close at 1.0858.
In economic news, the current account deficit in Canada fell to CAD 11.9 billion in 2Q 2014, more than market expectations of a deficit of CAD 11.6 billion and compared reported a revised current account deficit of CAD 12.0 billion in the prior quarter.
In the Asian session, at GMT0300, the pair is trading at 1.0857, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 1.0838, and a fall through could take it to the next support level of 1.082. The pair is expected to find its first resistance at 1.0871, and a rise through could take it to the next resistance level of 1.0886.
Going forward, investors await Canada’s the crucial quarterly GDP data, scheduled later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
