Loonie Trading Higher Ahead Of Canada’s Q1 GDP Data
GCI Financial | May 29, 2015 02:24AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CAD to close at 1.2424, reversing its previous session gains.
In economic news, Canada’s current account deficit expanded to C$17.50 billion in 1Q 2015, compared to a revised deficit of C$13.10 billion in the prior quarter. Markets were anticipating the country’s current account deficit to rise to C$18.60 billion.
In the Asian session, at GMT0300, the pair is trading at 1.2422, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.2377, and a fall through could take it to the next support level of 1.2333. The pair is expected to find its first resistance at 1.2503, and a rise through could take it to the next resistance level of 1.2585.
Going forward, market participants look forward to Canada’s GDP data, due later in the day, for further direction in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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