Loonie Trading Lower In The Asian Session
GCI Financial | Jul 20, 2015 04:02AM ET
On Friday, the USD rose 0.17% against the CAD to close at 1.2988.
In economic news, consumer prices in Canada rose 0.2% MoM in June, at par with market expectations and following a 0.6% increase recorded in May.
In the Asian session, at GMT0300, the pair is trading at 1.2996, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.2957, and a fall through could take it to the next support level of 1.2919. The pair is expected to find its first resistance at 1.3021, and a rise through could take it to the next resistance level of 1.3047.
With no major macroeconomic data in Canada today, investors look forward to the release of the nation’s retail sales data, scheduled later in the week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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