Loonie Trading Below Its MA’s
GCI Financial | Jul 23, 2014 03:37AM ET
For the 24 hours to 23:00 GMT, the USD traded flat against the CAD to close at 1.0741.
The US Dollar was aided by upbeat inflation and home sales data from the US.
In the Asian session, at GMT0300, the pair is trading at 1.0730, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 1.0716, and a fall through could take it to the next support level of 1.0703. The pair is expected to find its first resistance at 1.0752, and a rise through could take it to the next resistance level of 1.0775.
All eyes are set on Wednesday’s retail sales data for May, being the only economic release from Canada in this week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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