Loonie Reverses Its Losses In The Asian Session
GCI Financial | Jul 25, 2014 03:39AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD to close at 1.0745.
The Canadian Dollar lost ground after investor sentiment in the nation dented following the Canadian government’s decision to impose further sanctions against Ukrainian rebels and a host of Russian arms, financial and energy companies thought to be assisting them.
Yesterday, the IMF slashed Canada’s economic growth to 2.2% in 2014, from its previous estimate of 2.3%. Meanwhile, the fund maintained its projections for the Canadian economy to grow 2.4% in 2015.
In the Asian session, at GMT0300, the pair is trading at 1.0744, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0720, and a fall through could take it to the next support level of 1.0697. The pair is expected to find its first resistance at 1.0760, and a rise through could take it to the next resistance level of 1.0777.
Amid lack of economic releases from Canada later in the day, investors would keenly follow next week’s GDP numbers for Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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