USD/CAD: Loonie extends its losses in the morning session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.44% against the CAD and closed at 1.3233.

The Canadian dollar declined against the US dollar, following Bank of Canada’s Governor, Stephen Poloz’s comments.

Yesterday, the BoC Governor, Stephen Poloz, stated that the central bank was in no rush to resume monetary tightening and expressed uncertainty over the pace of future rate hikes. He cautioned that given the high levels of debt, raising rates would impact the overall economy more than in the past.

In the Asian session, at GMT0400, the pair is trading at 1.3235, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3185, and a fall through could take it to the next support level of 1.3134. The pair is expected to find its first resistance at 1.3264, and a rise through could take it to the next resistance level of 1.3292.

Trading trend in the Loonie today, is expected to be determined by Canada’s retail sales for December, scheduled to release later in the day.

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

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