USD/CAD: Loonie trading marginally lower in the morning session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.2711 on Friday.

In the Asian session, at GMT0400, the pair is trading at 1.2714, with the USD trading a tad higher against the CAD from Friday’s close.

The pair is expected to find support at 1.2689, and a fall through could take it to the next support level of 1.2665. The pair is expected to find its first resistance at 1.2743, and a rise through could take it to the next resistance level of 1.2773.

Amid a lack of macroeconomic releases in Canada today, investors would focus on global macroeconomic news for further direction.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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