USD/CAD: Loonie trading on a stronger footing in the morning session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.65% against the CAD and closed at 1.2180.

In the Asian session, at GMT0300, the pair is trading at 1.2163, with the USD trading 0.14% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2101, and a fall through could take it to the next support level of 1.2038. The pair is expected to find its first resistance at 1.2208, and a rise through could take it to the next resistance level of 1.2252.

Going ahead, traders will look forward to Canada’s Teranet/ National Bank house price index for August.

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

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