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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 9.16% against the CAD and closed at 1.4237.

On the data front, Canada’s manufacturing sales dropped 0.2% on a monthly basis in January, less than market expectations for a fall of 0.5% and compared to a decline of 0.7% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.4184, with the USD trading 0.37% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.4012, and a fall through could take it to the next support level of 1.3841. The pair is expected to find its first resistance at 1.4316, and a rise through could take it to the next resistance level of 1.4449.

Looking ahead, participants would keep a close watch on Canada’s consumer price index for February, slated to release later in the day.

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

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