USD/CAD: Loonie trading higher in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD and closed at 1.3336 on Friday.

In economic news, Canada’s manufacturing shipments unexpectedly climbed 0.6% MoM in January, compared to a revised rise of 2.1% in the previous month. Markets were anticipating manufacturing shipments to drop 0.3%.

In the Asian session, at GMT0400, the pair is trading at 1.3323, with the USD trading 0.1% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3291, and a fall through could take it to the next support level of 1.3259. The pair is expected to find its first resistance at 1.3366, and a rise through could take it to the next resistance level of 1.3409.

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

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