Loonie Extends Its Gains Ahead Of Canada’s Inflation Data
GCI Financial | Feb 26, 2015 01:21AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.49% against the CAD to close at 1.2435.
In the Asian session, at GMT0400, the pair is trading at 1.2432, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.2397, and a fall through could take it to the next support level of 1.2363. The pair is expected to find its first resistance at 1.2469, and a rise through could take it to the next resistance level of 1.2506.
Meanwhile, traders would keep a close eye on Canada’s consumer prices data, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
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