Loonie Trading Higher Ahead Of Canada’s Crucial Inflation Data
GCI Financial | Dec 19, 2014 02:03AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.55% against the CAD to close at 1.1580.
In the Asian session, at GMT0400, the pair is trading at 1.1578, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.1547, and a fall through could take it to the next support level of 1.1516. The pair is expected to find its first resistance at 1.1629, and a rise through could take it to the next resistance level of 1.1681.
Going forward, investors would keep a tab on Canada’s CPI along with the nation’s retail sales data for further cues, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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