USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CAD and closed at 1.3514. The Canadian Dollar lost ground after the US announced its first batch of duties on imported wood from Canada.
The US Commerce Secretary, Wilbur Ross, stated that his agency will impose new anti-subsidy tariffs averaging 20.0% on Canadian softwood lumber imports, thus intensifying the long-running trade dispute between the two nations.
In the Asian session, at GMT0300, the pair is trading at 1.3549, with the USD trading 0.26% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3452, and a fall through could take it to the next support level of 1.3354. The pair is expected to find its first resistance at 1.3603, and a rise through could take it to the next resistance level of 1.3656.
In absence of any major economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
