Loonie Trading Lower Ahead Of Canada’s GDP Data
GCI Financial | Jun 30, 2015 03:20AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.47% against the CAD to close at 1.2404.
In economic news, the raw materials price index in Canada rose less than expected by 4.4% on a monthly basis in May, compared to a revised advance of 4.0% in April. Markets were expecting it to increase 4.5%. Meanwhile, the industrial product price index rebounded 0.5% MoM in May, exceeding market expectations for a 0.3% rise and compared to prior month’s revised drop of 0.9%.
In the Asian session, at GMT0300, the pair is trading at 1.2418, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.2339, and a fall through could take it to the next support level of 1.2259. The pair is expected to find its first resistance at 1.2461, and a rise through could take it to the next resistance level of 1.2504.
Moving ahead, Canada’s GDP growth data, scheduled later in the day would be closely monitored by investors, as it is widely expected to rebound on a monthly basis in April.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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