Canadian Trade Balance is expected

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By :  ,  Financial Analyst

Canadian Trade Balance is expected

Later today, August Canadian Balance of Trades will be expected at CAD 2.1 billion deficit, vs 2.45 billion deficit in July. Imports are expected to raise to CAD 50 billion vs CAD 47.88 billion the previous month. Tomorrow, September Ivey PMI will be published.

From a technical point of view, on a daily chart, USD/CAD has broken above a declining trend line and stands above its 50-day moving average (in blue). The daily RSI stands around its neutrality area. Readers may therefore consider the potential for further advance above horizontal support at 1.3120. The nearest resistance would be set at previous overlap at 1.3500 and a second one would be set at set at June 26 top at 1.3720 in extension.

Source: TradingView, GAIN Capital

Related tags: CAD Forex Forex

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