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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 1.56% against the CAD and closed at 1.3192 yesterday.

In the Asian session, at GMT0400, the pair is trading at 1.3188, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3164, and a fall through could take it to the next support level of 1.314. The pair is expected to find its first resistance at 1.3206, and a rise through could take it to the next resistance level of 1.3224.

With no economic releases scheduled in Canada today, investors will monitor global economic developments for further direction.

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

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