USD/CAD: Loonie trading a tad higher this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CAD and closed at 1.2864.

In the Asian session, at GMT0400, the pair is trading at 1.2860, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2819, and a fall through could take it to the next support level of 1.2777. The pair is expected to find its first resistance at 1.2888, and a rise through could take it to the next resistance level of 1.2915.

With no macroeconomic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic factors.

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

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