Loonie Trading On A Stronger Footing Ahead Of Canada’s GDP Growth Data
GCI Financial | Jul 31, 2015 02:46AM ET
USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD to close at 1.3005.
In the Asian session, at GMT0300, the pair is trading at 1.2996, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.2948, and a fall through could take it to the next support level of 1.2899. The pair is expected to find its first resistance at 1.3045, and a rise through could take it to the next resistance level of 1.3094.
Going forward, investors would keep a close eye on Canada’s GDP data, which is widely expected to remain flat, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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