Loonie Trading Higher Ahead Of The Canadian GDP Data
GCI Financial | Oct 31, 2014 02:12AM ET
For the 24 hours to 23:00 GMT, the USD traded a tad higher against the CAD to close at 1.1193, extending its previous session gains.
In the Asian session, at GMT0400, the pair is trading at 1.1191, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.1161, and a fall through could take it to the next support level of 1.1132. The pair is expected to find its first resistance at 1.1222, and a rise through could take it to the next resistance level of 1.1254.
Going forward, investor sentiments would be governed by Canada’s GDP data, scheduled later in the day.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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