USD/CAD: Loonie trading a tad higher in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 2.08% against the CAD and closed at 1.3259.

On the macro front, Canada’s new housing price index remained flat on a monthly basis in January, compared to a rise of 0.2% in the previous month. Additionally, the nation’s ADP employment increased by 25.9K in January, less than market forecast for a rise of 71.8K. In the prior month, the employment had increased by 46.2K.

In the Asian session, at GMT0400, the pair is trading at 1.3256, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3230, and a fall through could take it to the next support level of 1.3205. The pair is expected to find its first resistance at 1.3275, and a rise through could take it to the next resistance level of 1.3295.

Trading trend in the Loonie today is expected to be determined by Canada’s retail sales for December, 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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