Loonie Trading Higher This Morning
GCI Financial | Jul 28, 2015 03:25AM ET
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD to close at 1.3037.
In the Asian session, at GMT0300, the pair is trading at 1.3025, with the USD trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.2986, and a fall through could take it to the next support level of 1.2947. The pair is expected to find its first resistance at 1.3056, and a rise through could take it to the next resistance level of 1.3086.
Looking ahead, market participants would keep a close eye on Canada’s GDP growth data scheduled later in the week, as the nation’s economy has contracted for four consecutive months since the start of 2015.
The currency pair is trading below its 20 Hr moving average and showing 50 Hr moving average.
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