Loonie Trading Stronger Ahead Of The BOC’s Interest Rate Decision
GCI Financial | Jan 21, 2015 01:45AM ET
For the 24 hours to 23:00 GMT, the USD rose 1.33% against the CAD to close at 1.2110.
Yesterday, manufacturing shipments in Canada eased 1.4% on a monthly basis in November, more than market expectations for a 0.7% drop and compared to 1.1% decline registered in prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2083, with the USD trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 1.1983, and a fall through could take it to the next support level of 1.1882. The pair is expected to find its first resistance at 1.2150, and a rise through could take it to the next resistance level of 1.2217.
Trading trends in the CAD today are expected to be determined by the BoC’s interest rate decision, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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