HomeContributorsFundamental AnalysisCanada's Current Account Deficit Narrowed More-Than-Expected In 4Q19

Canada’s Current Account Deficit Narrowed More-Than-Expected In 4Q19

For the 24 hours to 23:00 GMT, the USD rose 2.63% against the CAD and closed at 1.3385.

Data showed that Canada’s current account deficit narrowed to C$8.76 billion in the fourth quarter of 2019, compared to a revised deficit of C$10.86 billion in the previous quarter.

In the Asian session, at GMT0400, the pair is trading at 1.3440, with the USD trading 0.41% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3355, and a fall through could take it to the next support level of 1.3271. The pair is expected to find its first resistance at 1.3486, and a rise through could take it to the next resistance level of 1.3533.

Ahead in the day, investors would keep a close watch on Canada’s annualised gross domestic product for 4Q 19, slated to release later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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