Loonie Trading Higher Ahead Of Canada’s Manufacturing PMI Data
GCI Financial | Oct 01, 2014 02:23AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.37% against the CAD to close at 1.1200. The Canadian dollar came under pressure after Canada’s GDP stagnated on a monthly basis in July, compared to market expectations for a rise of 0.3% and compared to similar GDP figures recorded in the previous month.
In other economic data, the raw material price index in Canada declined 2.2% on a monthly basis in August, higher than market expected drop of 1.5%.
In the Asian session, at GMT0300, the pair is trading at 1.1218, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.1158, and a fall through could take it to the next support level of 1.1099. The pair is expected to find its first resistance at 1.1251, and a rise through could take it to the next resistance level of 1.1285.
Going forward, investors look ahead to Canada’s RBC manufacturing PMI, scheduled later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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