Loonie Trading Higher In The Asian Session
GCI Financial | Mar 10, 2015 03:51AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.07% against the CAD to close at 1.2618. The CAD lost ground, after housing starts in Canada rose to 156.30K, down from previous month’s revised level of 187.0K. Markets were expecting it to rise to a level of 179.0K
In the Asian session, at GMT0400, the pair is trading at 1.2641, with the USD trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1.2592, and a fall through could take it to the next support level of 1.2542. The pair is expected to find its first resistance at 1.2670, and a rise through could take it to the next resistance level of 1.2699.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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