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USD/CAD at session high after Trade Balance data from US and Canada

US dollar rose to session high against the Canadian counterpart on Tuesday, after official data stated that both the US and Canadian trade balance deficits increased during April.

USD/CAD reached 1.0336 during early American trade, currently the session high, after which consolidation followed at 1.0324, adding 0.44% for the day.  The pair was likely to receive support at 1.0260, Monday low, while resistance was expected at 1.0373, Monday high.

The trade balance deficit of United States widened by 8.5% during April to 40.3 billion USD, from 37.8 billion USD during the previous month, but below estimations for a deficit of 41 billion USD.

Additionally, Statistics Canada said that the trade deficit rose to 0.6 billion CAD during April, below projections for a deficit of 1.0 billion CAD.

 

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