Canadian Trade Balance is expected

Canadian dollar fluctuates along oil prices as Canada is an oil producer. But economic data are also pushing CAD up and down. Later today, Canada's trade balance for March will be reported, a 2.5 billion CAD deficit is estimated. Yesterday, Manufacturing PMI slumped to 33.0 in April from 46.1 in March. 
From a technical point of view, on an intraday chart, USD/CAD has broken below the lower boundary of a triangle and is capped by its declining moving averages. The intraday RSI stands within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.4105. The nearest support would be set at previous overlap at 1.4005 and a second one would be set at set at 1.3960 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex Canada

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