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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.05% against the CAD and closed at 1.3134.

In the Asian session, at GMT0300, the pair is trading at 1.3148, with the USD trading 0.11% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3123, and a fall through could take it to the next support level of 1.3097. The pair is expected to find its first resistance at 1.3167, and a rise through could take it to the next resistance level of 1.3185.

Trading trend in the loonie will be determined by Canada’s unemployment rate and Ivey purchasing managers index, both for June, scheduled to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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