USDCAD Movement
For the 24 hours to 23:00 GMT, the USD climbed 0.16% against the CAD to close at 1.0375, following comments by the Federal Reserve Bank of Chicago President, Charles Evans, that there has been good improvement in the labour markets and tapering of the bond-buying program in September is possible.
In Canada, trade deficit shrank to $0.47 billion during June from $0.78 billion in May. Market had expected trade deficit to narrow to $0.50 billion.
In the Asian session, at GMT0300, the pair is trading at 1.0384, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 1.0358, and a fall through could take it to the next support level of 1.0332. The pair is expected to find its first resistance at 1.0401, and a rise through could take it to the next resistance level of 1.0418.
Today’s Canadian economic calendar is filled with building permits for June and Ivey purchasing managers’ index for July.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
