Loonie Trading Stronger This Morning
GCI Financial | Sep 17, 2014 02:18AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.67% against the CAD to close at 1.0980. The CAD gained ground, after the Canadian manufacturing shipments rose 2.5%, a record-high on a monthly basis in July, beating market expectations for a rise of 1.1% and following 0.9% gain in the previous month. Separately, the BoC Governor, Stephen Poloz, denied speculations that the central bank is trying to manipulate the local currency in order to keep the nation’s inflation low. He, further, added that Canada’s exports are picking up and gaining momentum.
In the Asian session, at GMT0300, the pair is trading at 1.0978, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0938, and a fall through could take it to the next support level of 1.0897. The pair is expected to find its first resistance at 1.1046, and a rise through could take it to the next resistance level of 1.1113.
Amid lack of economic releases from Canada today, investor sentiments would depend upon news across various economies.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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