Loonie Trading On A Stronger Footing This Morning
GCI Financial | Jul 29, 2015 04:06AM ET
USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.81% against the CAD to close at 1.2931, after the US consumer confidence index unexpectedly fell in July.
In economic news, the raw material price index in Canada remained flat on a monthly basis in June, following an advance of 4.40% in the previous month. Markets were expecting the index to gain 1.0%. Meanwhile, the nation’s industrial product price index rose more than expected by 0.5% MoM in June, after registering a similar increase in May.
In the Asian session, at GMT0300, the pair is trading at 1.2930, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.2880, and a fall through could take it to the next support level of 1.2831. The pair is expected to find its first resistance at 1.3008, and a rise through could take it to the next resistance level of 1.3087.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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