During yesterday’s trading session CAD/CHF traded within the range of 0.8330-0.8362 and closed at 0.8337.
At 11:36 GMT today CAD/CHF was gaining 0.27% for the day to trade at 0.8356. The pair touched a daily high at 0.8358 at 11:38 GMT.
Fundamental view
Canada
The deficit on Canadian trade balance probably contracted to 0.300 billion CAD during May from 0.638 billion CAD in the prior month. The trade balance, as an indicator, measures the difference in value between nation’s exported and imported goods and services during the reported period. It reflects the net export of goods and services, or one of the components to form country’s Gross Domestic Product. Exports probably increased to 43.00 billion CAD in May from 42.83 billion CAD in April. Generally, exports reflect economic growth, while imports indicate domestic demand. In case the trade balance deficit shrank more than expected, this would provide support to Canadian dollar. Statistics Canada will release the official figure at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case CAD/CHF manages to breach the first resistance level at 0.8360, it will probably continue up to test 0.8375. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8388.
If CAD/CHF manages to breach the first key support at 0.8324, it will probably continue to slide and test 0.8311. With this second key support broken, the movement to the downside will probably continue to 0.8292.
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