Loonie Trading Above Its MA’s
GCI Financial | Jul 28, 2014 02:39AM ET
On Friday, the USD rose 0.60% against the CAD to close at 1.0810 following upbeat durable goods orders data from the US.
In the Asian session, at GMT0300, the pair is trading at 1.0813, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0757, and a fall through could take it to the next support level of 1.0701. The pair is expected to find its first resistance at 1.0846, and a rise through could take it to the next resistance level of 1.0879.
Amid lack of economic releases from Canada today, investors would keenly follow a host of crucial releases from the US.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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