USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.37% against the CAD to close at 1.2456.
Yesterday, data showed that Canada’s international merchandise trade deficit narrowed to C$2.97 billion in April, following a revised trade deficit of C$3.85 billion in March, while markets were anticipating it to narrow to C$2.15 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2453, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2386, and a fall through could take it to the next support level of 1.2320. The pair is expected to find its first resistance at 1.2515, and a rise through could take it to the next resistance level of 1.2577.
Going forward, investors look forward to the release of Canada’s Ivey PMI data, scheduled later today for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
