Loonie Trading Higher In The Asian Session
GCI Financial | Nov 24, 2014 01:34AM ET
On Friday, the USD declined 0.64% against the CAD to close at 1.1237. The CAD gained ground following upbeat inflation data from Canada.
Canada’s consumer prices unexpectedly rose 0.1% on a monthly basis in October, beating market expectations for a 0.2% drop and compared to a gain of 0.1% registered in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.1230, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 1.1170, and a fall through could take it to the next support level of 1.1111. The pair is expected to find its first resistance at 1.1309, and a rise through could take it to the next resistance level of 1.1388.
Amid no economic releases from Canada today, market participants look forward to Canada’s retail sales data scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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