Loonie Trading Tad Lower, Ahead Of Canada’s Housing Starts Data
GCI Financial | Nov 18, 2015 02:00AM ET
For the 24 hours to 23:00 GMT, the USD declined 0.10% against the CAD to close at 1.3319.
In the Asian session, at GMT0400, the pair is trading at 1.3323, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3298, and a fall through could take it to the next support level of 1.3273. The pair is expected to find its first resistance at 1.3347, and a rise through could take it to the next resistance level of 1.3371.
Going ahead, market participants will look forward to Canada’s housing starts data for October, scheduled to be released later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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