Loonie Reverses Its Gain In The Asian Session
GCI Financial | Aug 19, 2014 01:58AM ET
For the 24 hours to 23:00 GMT, the USD traded marginally lower against the CAD to close at 1.0891.
In economic news, foreign investors turned net seller of C$ 1.07 billion worth of Canadian securities in June, from being net buyers of a revised C$ 21.42 billion worth of Canadian securities in the previous month. Markets had anticipated that the foreign investors would buy C$ 5.0 billion worth of Canadian securities in June.
In the Asian session, at GMT0300, the pair is trading at 1.0893, with the USD trading tad higher from yesterday’s close.
The pair is expected to find support at 1.0876, and a fall through could take it to the next support level of 1.0860. The pair is expected to find its first resistance at 1.0905, and a rise through could take it to the next resistance level of 1.0918.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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