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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 7.67% against the CAD and closed at 1.4042.

On the macro front, Canada’s manufacturing sales dropped 9.2% on a monthly basis in March, compared to a rise of 0.5% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.4051, with the USD trading 0.06% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.4008, and a fall through could take it to the next support level of 1.3966. The pair is expected to find its first resistance at 1.4117, and a rise through could take it to the next resistance level of 1.4184.

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

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

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