Loonie Steady Ahead Of Canadian Consumer Inflation Data
GCI Financial | Jun 20, 2014 02:27AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.18% against the CAD to close at 1.0820.
Yesterday, the Statistics Canada reported that the ratio of household debt to personal disposable income in Canada dropped to 163.2% in the first quarter, from a revised level of 163.9% in the fourth quarter of 2013.
In the Asian session, at GMT0300, the pair is trading at 1.0820, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0806, and a fall through could take it to the next support level of 1.0791. The pair is expected to find its first resistance at 1.0835, and a rise through could take it to the next resistance level of 1.0849.
Market participants keenly await Canada’s consumer inflation and retail sales data, for further guidance in the loonie.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
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