USD/CAD: Loonie extends its gains in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.75% against the CAD and closed at 1.2565.

In the Asian session, at GMT0400, the pair is trading at 1.2563, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2534, and a fall through could take it to the next support level of 1.2505. The pair is expected to find its first resistance at 1.2615, and a rise through could take it to the next resistance level of 1.2667.

Moving ahead, market participants would closely monitor Canada’s RBC manufacturing PMI and unemployment rate data, both slated to release next week.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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