Loonie Loses Ground This Morning
GCI Financial | Jul 30, 2014 02:25AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.47% against the CAD to close at 1.0851, after consumer confidence in the US surged to its highest level since 2007 in July.
Yesterday, a survey by the Conference Board of Canada revealed that the people in Canada were becoming more pessimistic about jobs in the nation, thereby raising concerns over the performance of the economy.
In the Asian session, at GMT0300, the pair is trading at 1.0855, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0813, and a fall through could take it to the next support level of 1.0772. The pair is expected to find its first resistance at 1.0882, and a rise through could take it to the next resistance level of 1.0910.
Traders would await Canada’s industrial product prices and raw materials prices data, slated to be out later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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