Canada : trade balance in focus
A narrowing balance of trade deficit is predicted for May
Today are going to be released Canada balance of trade figures for May. Consensus expect a 3 billion dollars deficit in May vs a 3.25 billion dollars deficit in April.
From a technical point of view, on a daily chart, USD/CAD is capped by a declining line drawn from Mid-March and by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3770. the closest support would be set at horizontal support at 1.3490 and a other would be set at 1.3300 (February overlap) in extension.
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