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

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.12% against the CAD and closed at 1.2873.

In the Asian session, at GMT0400, the pair is trading at 1.2854, with the USD trading 0.15% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2814, and a fall through could take it to the next support level of 1.2774. The pair is expected to find its first resistance at 1.2893, and a rise through could take it to the next resistance level of 1.2932.

Ahead in the day, investors would focus on Canada’s Teranet/National Bank house price index for November.

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

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