USD/CAD: Loonie trading higher in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.71% against the CAD and closed at 1.2783.

In economic news, Canada’s manufacturing shipments grew more-than-estimated by 1.4% on a monthly basis in March, compared to a revised gain of 2.7% in the prior month, while markets were expecting for a rise of 0.9%.

In the Asian session, at GMT0300, the pair is trading at 1.2754, with the USD trading 0.23% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2713, and a fall through could take it to the next support level of 1.2671. The pair is expected to find its first resistance at 1.2833, and a rise through could take it to the next resistance level of 1.2911.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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