USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.23% against the CAD to close at 1.2941.
The Canadian dollar gained ground, after Canada’s international merchandise trade deficit narrowed to a level of C$2.9 billion in April, following a revised international merchandise trade deficit of C$3.2 billion in the previous month. Market expectation was for the nation to post a trade deficit of C$2.5 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2964, with the USD trading 0.18% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2882, and a fall through could take it to the next support level of 1.2801. The pair is expected to find its first resistance at 1.3074, and a rise through could take it to the next resistance level of 1.3185.
With no economic releases in Canada today, market participants await the nation’s Ivey purchasing managers’ index data for May, due tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
