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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 6.88% against the CAD and closed at 1.3939.

In the Asian session, at GMT0300, the pair is trading at 1.3935, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3878, and a fall through could take it to the next support level of 1.3821. The pair is expected to find its first resistance at 1.3981, and a rise through could take it to the next resistance level of 1.4027.

Looking forward, traders would keep an eye on Canada’s consumer price index and the new housing price index, both for April, slated to release later today.

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

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