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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD and closed at 1.3034.

In economic news, Canada’s CFIB business barometer slid to a level of 61.4 in September, compared to a reading of 61.6 in the preceding month.

In the Asian session, at GMT0300, the pair is trading at 1.3026, with the USD trading 0.06% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3001, and a fall through could take it to the next support level of 1.2975. The pair is expected to find its first resistance at 1.3067, and a rise through could take it to the next resistance level of 1.3107.

Going forward, investors would closely monitor Canada’s gross domestic product for July, scheduled to release later in the day.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.