Loonie Trading On A Stronger Footing This Morning
GCI Financial | Sep 22, 2014 02:58AM ET
On Friday, the USD traded tad higher against the CAD to close at 1.0950.
In economic news, the core Consumer Price Index in Canada advanced 0.5%, on a monthly basis, in August, exceeding market expectations for 0.2% gain and compared to a drop of 0.1% registered in July. Meanwhile, wholesale sales in the nation unexpectedly fell 0.3%, on a monthly basis, in July.
In the Asian session, at GMT0300, the pair is trading at 1.0929, with the USD trading 0.19% lower from Friday’s close.
The pair is expected to find support at 1.0883, and a fall through could take it to the next support level of 1.0836. The pair is expected to find its first resistance at 1.0979, and a rise through could take it to the next resistance level of 1.1028.
Amid lack of economic releases from Canada today, investors would turn their focus on Canadian retail sales data, to be out tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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