Loonie Trading Lower In The Asian Session
GCI Financial | Apr 23, 2015 02:27AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CAD to close at 1.2243.
Yesterday, a private poll in Canada showed that the nation’s economic growth will pick up in the second half of 2015, but not as per the BoC’s expectations. Moreover, the poll also suggested that it may be too soon to sideline another interest rate cut in the nation.
In the Asian session, at GMT0300, the pair is trading at 1.2259, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.2218, and a fall through could take it to the next support level of 1.2178. The pair is expected to find its first resistance at 1.2289, and a rise through could take it to the next resistance level of 1.2319.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
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