FXstreet.com (Barcelona) - The Dollar's decline against the Canadian from MA55 hourly chart level at 1.0580 has continued during the European session to break MA200 hourly chart at 1.0535 and trade below 1.0500 level. Pair is currently trading around intra-day low close to 1.0495, reaching 0.35% daily losses so far.

October international Merchandise Trade in Canada is expected to reduce its deficit to $600 millions from $930 millions posted in September.

According to the Union Bank of California Team, the CAD is rising against the USD on the back of higher commodities: The US dollar traded slightly lower vs. most major currencies as dollar gains stabilized despite Standard & Poor's cut of Spain's credit rating outlook. The greenback had made gains yesterday with increased risk aversion due to Fitch Ratings cutting Greece's credit rating. There was positive data in the economic front as mortgage applications rose 8.5% from the previous week. Wholesale inventories also rose 0.3% in October, better than a forecast 0.5% fall. The Canadian dollar rose against the dollar as higher commodities helped the currency.