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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.31% against the CAD and closed at 1.3170.

Data indicated that Canada’s new housing price index climbed 0.9% on yearly basis in May, undershooting market expectations for an advance of 1.0%. The index had risen 1.6% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3158, with the USD trading 0.09% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3134, and a fall through could take it to the next support level of 1.3110. The pair is expected to find its first resistance at 1.3198, and a rise through could take it to the next resistance level of 1.3238.

Looking ahead, traders would keep an eye on Canada’s existing home sales for June, scheduled to be released later in the day.

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

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