USD/CAD: Loonie trading on a stronger footing, ahead of Canada’s inflation data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CAD and closed at 1.3610, following hawkish comments by the Cleveland Fed President regarding rate hikes.

In the Asian session, at GMT0300, the pair is trading at 1.3594, with the USD trading 0.12% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3559, and a fall through could take it to the next support level of 1.3524. The pair is expected to find its first resistance at 1.3649, and a rise through could take it to the next resistance level of 1.3704.

This afternoon will bring crucial Canadian releases, namely the consumer price index for April and retail sales for March.

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

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