USD/CAD: Loonie trading a tad higher, ahead of Canada’s consumer price inflation data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CAD and closed at 1.3101.

In the Asian session, at GMT0400, the pair is trading at 1.3096, with the USD trading slightly lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3064, and a fall through could take it to the next support level of 1.3033. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3193.

Ahead in the day, traders would focus on Canadian inflation figures for January.

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

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