Loonie Continues To Trade Lower In The Morning
GCI Financial | Apr 23, 2014 02:18AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.07% against the CAD to close at 1.1028.
Yesterday, official data from Canada showed that wholesale sales in the nation rose 1.1% to C$50.67 billion, the largest increase since July 2013 in February.
Meanwhile, in a speech to a Halifax business audience, Canada’s Finance Minister, Joe Oliver indicated that the government would refrain from engaging in “reckless new spending schemes” to stimulate the economy even as unemployment and weak export prices remain a problem in Canada.
In the Asian session, at GMT0300, the pair is trading at 1.1030, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.1003, and a fall through could take it to the next support level of 1.0977. The pair is expected to find its first resistance at 1.1050, and a rise through could take it to the next resistance level of 1.1071.
Looking forward, the Statistics Canada is expected to publish a report on Canada’s retail sales for February.
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