Loonie Extends Its Gains In The Asian Session
GCI Financial | Apr 07, 2015 03:46AM ET
For the 24 hours to 23:00 GMT, the USD traded a tad lower against the CAD to close at 1.2475.
Canada’s seasonally adjusted Ivey PMI unexpectedly fell to a level of 47.9 in March, from a reading of 49.7 in February, fuelling concerns over the nation’s economic outlook.
In the Asian session, at GMT0300, the pair is trading at 1.2471, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2435, and a fall through could take it to the next support level of 1.2400. The pair is expected to find its first resistance at 1.2507, and a rise through could take it to the next resistance level of 1.2544.
Trading trends in the CAD today are expected to be determined by investor sentiment.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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