Loonie Trading On A Weaker Footing This Morning
GCI Financial | Jul 07, 2015 02:17AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.40% against the CAD to close at 1.2648.
On the macro front, Canada’s Ivey PMI slid to a 3-month low of 55.9 in June, after hitting a 19-month high reading of 62.3 in the previous month. Analysts had expected the index to fall to 55.5 in June.
In the Asian session, at GMT0300, the pair is trading at 1.2663, with the USD trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1.2596, and a fall through could take it to the next support level of 1.2529. The pair is expected to find its first resistance at 1.2698, and a rise through could take it to the next resistance level of 1.2733.
With no major economic releases in Canada today, investors look forward to the release of the nation’s building permits data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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