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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.22% against the CAD and closed at 1.3072.

In the economic news, Canada’s business barometer eased to a level of 60.5 in October, compared to a reading of 61.4 in the preceding month.

In the Asian session, at GMT0300, the pair is trading at 1.3093, with the USD trading 0.16% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3039, and a fall through could take it to the next support level of 1.2985. The pair is expected to find its first resistance at 1.3123, and a rise through could take it to the next resistance level of 1.3153.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

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

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