Loonie Trading Higher Ahead Of Canada’s Monthly Inflation Data
GCI Financial | Nov 21, 2014 01:31AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.34% against the CAD to close at 1.1310, reversing its previous session gains, after Canadian wholesale sales climbed 1.8% on a monthly basis in September, compared to a revised flat reading registered in the prior month. Market expectations were for a rise of 0.8%.
In the Asian session, at GMT0400, the pair is trading at 1.1301, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.1270, and a fall through could take it to the next support level of 1.1240. The pair is expected to find its first resistance at 1.1351, and a rise through could take it to the next resistance level of 1.1402.
Going forward, investors await Canada’s crucial CPI data, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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