Canada : trade balance in focus
Jean-Christophe Rolland July 2, 2020 2:55 PM
A narrowing trade balance deficit is expected for May
Today will be released Canada trade balance 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 trend 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 nearest support would be set at horizontal support at 1.3490 and a second one would be set at 1.3300 (February overlap) in extension.
Source : TradingVIEW, Gain Capital
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