USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 1.1125, following the Fed Chief Janet Yellen’s comments which failed to provide a clear picture on the impact of the extreme weather in the US on recent soft data from the nation, while reiterating concerns about the state of the US labour market.
In Canada, an official report showed that current account deficit widened less-than-expected to C$16.0 billion in fourth quarter, compared to a deficit of C$14.8 billion recorded in the previous quarter.
In the Asian session, at GMT0400, the pair is trading at 1.1128, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1107, and a fall through could take it to the next support level of 1.1086. The pair is expected to find its first resistance at 1.1155, and a rise through could take it to the next resistance level of 1.1182.
Later today, the Statistics Canada is scheduled to publish a report on Canada’s GDP.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
