Loonie Trading On A Weaker Footing, Ahead Of Canada’s Building Permits
GCI Financial | Apr 09, 2015 03:10AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD to close at 1.2540. The commodity based currency CAD was weighed down by the plunge in crude oil prices.
In the Asian session, at GMT0300, the pair is trading at 1.2554, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.2438, and a fall through could take it to the next support level of 1.2323. The pair is expected to find its first resistance at 1.2618, and a rise through could take it to the next resistance level of 1.2683.
Going forward, investors await Canada’s building permits data, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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