USD/CAD: Loonie Reverses Its Gains Ahead Of Canada's Jobless Rate Data

For the 24 hours to 23:00 GMT, the USD declined 1.09% against the CAD to close at 1.2434.

In economic news, the international merchandise trade deficit in Canada widened to CAD0.65 billion in December, compared to market expectations of a trade deficit of CAD1.10 billion. The nation had posted a revised international merchandise trade deficit of CAD0.34 billion in November.

In the Asian session, at GMT0400, the pair is trading at 1.2437, with the USD trading a tad higher from yesterday's close.

The pair is expected to find support at 1.2364, and a fall through could take it to the next support level of 1.2292. The pair is expected to find its first resistance at 1.2539, and a rise through could take it to the next resistance level of 1.2641.

Trading trends in the CAD today are expected to be determined by Canada's unemployment rate data, scheduled later today.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.