USD/CAD: Loonie trading higher in the morning session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.10% against the CAD and closed at 1.2958 on Friday.

Data indicated that Canada’s manufacturing PMI climbed to 56.2 in May. The manufacturing PMI had recorded a level of 55.50 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2941, with the USD trading 0.13% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.2911, and a fall through could take it to the next support level of 1.2882. The pair is expected to find its first resistance at 1.2989, and a rise through could take it to the next resistance level of 1.3038.

Amid no major economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.