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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.3495.

Data showed that Canada’s CFIB business barometer climbed to a level of 59.7 in May, compared to a level of 56.7 in the previous month. Additionally, the region’s current account deficit widened less than expected to C$17.5 billion in 1Q19, following a revised deficit of C$16.6 billion.

In the Asian session, at GMT0300, the pair is trading at 1.3529, with the USD trading 0.25% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3496, and a fall through could take it to the next support level of 1.3463. The pair is expected to find its first resistance at 1.3552, and a rise through could take it to the next resistance level of 1.3575.

Looking forward, investors would await Canada’s annualised gross domestic product for the first quarter of 2019, slated to release later in the day.

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

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