Loonie Continues Its Losses, Ahead Of Canada’s Manufacturing PMI
GCI Financial | Sep 02, 2014 01:47AM ET
For the 24 hours to 23:00 GMT, the USD traded marginally lower against the CAD to close at 1.0872.
In the Asian session, at GMT0300, the pair is trading at 1.0894, with the USD trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 1.0866, and a fall through could take it to the next support level of 1.0838. The pair is expected to find its first resistance at 1.091, and a rise through could take it to the next resistance level of 1.0926.
Going forward, investors would keep a close eye on Canadian manufacturing PMI data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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