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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD and closed at 1.2984.

In the Asian session, at GMT0300, the pair is trading at 1.2981, with the USD trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2945, and a fall through could take it to the next support level of 1.2908. The pair is expected to find its first resistance at 1.3010, and a rise through could take it to the next resistance level of 1.3038.

Going ahead, investors would closely monitor Canada’s Housing starts data and unemployment rate both for May, 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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