Loonie Trading On A Weaker Footing Ahead Of Canada’s GDP Data
GCI Financial | Mar 31, 2015 02:57AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.61% against the CAD to close at 1.2680.
Yesterday, the BoC Governor, Stephen Poloz mentioned that declining oil prices was having an “atrocious” effect on the Canadian economy and hinted that the central bank could implement extraordinary measures to help the nation’s economy if needed.
In other economic news, industrial product price rebounded 1.8% on a monthly basis in February, higher than market expected advance of 0.9% and compared to a drop of 0.3% recorded in the preceding month. Additionally, the raw material price index in the nation rose more than expected by 6.1% MoM in February, after registering a drop of 7.8% in January.
In the Asian session, at GMT0300, the pair is trading at 1.2693, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 1.2632, and a fall through could take it to the next support level of 1.2572. The pair is expected to find its first resistance at 1.2731, and a rise through could take it to the next resistance level of 1.2769.
Looking ahead, investors would keep a close eye on Canada’s GDP data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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