Loonie Trading Lower In The Asian Session
GCI Financial | Jul 30, 2015 06:24AM ET
USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 1.2946.
Yesterday, Canada’s leading think tanker downgraded the nation economic growth forecast to 1.6% in 2015, its most dismal economic forecast for the Canadian economy since 2009, from its previous projection of 1.9% growth, citing lower oil prices and waning business investment by the Canadian companies.
In the Asian session, at GMT0300, the pair is trading at 1.2953, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2886, and a fall through could take it to the next support level of 1.2820. The pair is expected to find its first resistance at 1.2994, and a rise through could take it to the next resistance level of 1.3035.
Amid no macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
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