Loonie Trading On A Stronger Footing This Morning
GCI Financial | Nov 17, 2014 01:10AM ET
On Friday, the USD declined 0.79% against the CAD to close at 1.1283.
On the macro front, Canada’s manufacturing shipments climbed 2.1% on a monthly basis in September, compared to a revised drop of 3.5% in the prior month, while markets anticipations were for it to climb 1.0%.
In the Asian session, at GMT0400, the pair is trading at 1.1277, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.1229, and a fall through could take it to the next support level of 1.1181. The pair is expected to find its first resistance at 1.136, and a rise through could take it to the next resistance level of 1.1443.
Amid a light economic calendar from Canada today, investor sentiments would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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