Loonie Trading Tad Lower In The Asian Session
GCI Financial | Mar 11, 2014 06:43AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CAD to close at 1.1117.
The Canadian Dollar lost momentum, despite data indicating that the Canadian housing starts rose to 192,100 units in February, more than analysts’ call for a rise to 190,000 units and compared to 180,500 units registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.1118, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.1094, and a fall through could take it to the next support level of 1.1070. The pair is expected to find its first resistance at 1.1137, and a rise through could take it to the next resistance level of 1.1156.
Amid lack of major economic releases from Canada, traders would eye global economic news for further guidance in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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