Loonie Trading On A Stronger Footing In The Asian Session
GCI Financial | Apr 08, 2015 03:50AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CAD to close at 1.2503.
Yesterday, the Canadian Prime Minister, Stephen Harper, mentioned that the nation would register weaker than expected economic growth in the 2015-16 fiscal year and downplayed chances of another fiscal stimulus to boost Canada’s economy, which was taking a hit due to declining crude oil prices.
In the Asian session, at GMT0300, the pair is trading at 1.2494, with the USD trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.2456, and a fall through could take it to the next support level of 1.2419. The pair is expected to find its first resistance at 1.2527, and a rise through could take it to the next resistance level of 1.2561.
Amid no economic releases in Canada today, market participants look forward to the release of the nation’s building permits data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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