Loonie Trading Lower Ahead Of Canada’s Ivey PMI Data
GCI Financial | Jul 06, 2015 02:29AM ET
On Friday, the USD rose 0.10% against the CAD to close at 1.2555.
The Canadian Finance Minister, Joe Oliver, mentioned that the nation will avoid a recession in 2015, despite data disclosing that the economy shrank in the first four months of the year.
In the Asian session, at GMT0300, the pair is trading at 1.2610, with the USD trading 0.44% higher from Friday’s close.
The pair is expected to find support at 1.2564, and a fall through could take it to the next support level of 1.2518. The pair is expected to find its first resistance at 1.2637, and a rise through could take it to the next resistance level of 1.2663.
Going forward, investors would closely monitor Canada’s Ivey PMI, scheduled later today for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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