Loonie Trading Lower In The Asian Session
GCI Financial | Mar 27, 2015 02:34AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.34% against the CAD to close at 1.2481.
Yesterday, the BoE Governor, Stephen Poloz, citing sliding oil prices, indicated that the Canadian economy would miss the central bank’s growth projection of 1.5% for the first three months of 2015. He also added that weaker economic growth would not necessarily lead to another rate cut in its next monetary policy decision, scheduled on 15 April.
In the Asian session, at GMT0400, the pair is trading at 1.2504, with the USD trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1.2438, and a fall through could take it to the next support level of 1.2373. The pair is expected to find its first resistance at 1.2538, and a rise through could take it to the next resistance level of 1.2573.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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