USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the CAD to close at 1.3349.
In economic news, Canada’s current account deficit narrowed to C$16.2 billion in 3Q 2015, reaching its lowest level this year, from a revised current account deficit of C$16.6 billion in the previous quarter. Investors had expected a deficit of C$15.2 billion.
In the Asian session, at GMT0400, the pair is trading at 1.335, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3310, and a fall through could take it to the next support level of 1.3269. The pair is expected to find its first resistance at 1.3393, and a rise through could take it to the next resistance level of 1.3435.
Moving ahead, market participants will concentrate on Canada’s GDP and RBC manufacturing PMI data, scheduled to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
