Loonie Snaps Losses In The Asian Session
GCI Financial | May 08, 2014 02:39AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD to close at 1.0900, as Fed Chief, Janet Yellen’s upbeat outlook on the US economic recovery benefited the US Dollar while an unexpected fall in Canada’s building permits pressurised the Canadian Dollar. Data showed that builders in Canada took out C$6.0 billion worth of permits in March, 3.0% down from February and compared to market expectations for a 4.3% (MoM) increase.
In the Asian session, at GMT0300, the pair is trading at 1.0898, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.0878, and a fall through could take it to the next support level of 1.0859. The pair is expected to find its first resistance at 1.0913, and a rise through could take it to the next resistance level of 1.0929.
During the later course of the day, traders would eye Canada’s housing starts and new housing price index data for further cues in the Canadian Loonie.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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