Loonie Extends Its Losses Ahead Of Canada’s GDP Data
GCI Financial | Nov 28, 2014 12:59AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.80% against the CAD to close at 1.1340.
In economic news, Canada’s current account deficit slid to CAD 8.4 billion in 3Q 2014, from a revised deficit of CAD 9.9 billion registered in the prior quarter. Market expectations were for the nation’s current account deficit to widen to CAD 11.0 billion.
In the Asian session, at GMT0400, the pair is trading at 1.1348, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.1268, and a fall through could take it to the next support level of 1.1187. The pair is expected to find its first resistance at 1.1392, and a rise through could take it to the next resistance level of 1.1436.
Meanwhile, investor sentiment would be governed by Canada’s GDP data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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