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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 2.14% against the CAD and closed at 1.3321.

In economic news, Canada’s Markit manufacturing PMI advanced to 51.8 in February, compared to 50.6 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3334, with the USD trading 0.10% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3301, and a fall through could take it to the next support level of 1.3267. The pair is expected to find its first resistance at 1.3382, and a rise through could take it to the next resistance level of 1.3429.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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