The Canadian maintains a strong position: Canada and the US trade balance

The Canadian dollar has updated the session high against the US dollar based on multidirectional data on the trade balance of the US and Canada.

• According to published data, the balance of Canada’s trade balance in October was -1.47D, versus the September value of -3.36D.
• The US trade balance in October was -48.70D against the September value of -44.90D.

Technical analysis: Based on this statistics, the pair USD/CAD continues its decline at the beginning of the American session. The nearest level of support is considered at the level of 1.2600, in the case of a stronger decline, support is considered at the level of 1.2550. The main resistance levels are 1.2670, 1.2710.

Fig. USD/CAD. The current price is $ 1.2631.

Key recommendations: It is worth considering both the purchase and sale deals from the above mentioned levels of support and resistance, with a reference to the oil market, after the publication of data on oil reserves in the US.

Alexander Sivtsov