USD/CAD: Loonie trading on a stronger footing this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.05% against the CAD and closed at 1.3316.

In the Asian session, at GMT0300, the pair is trading at 1.3307, with the USD trading 0.07% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3283, and a fall through could take it to the next support level of 1.3259. The pair is expected to find its first resistance at 1.3333, and a rise through could take it to the next resistance level of 1.3359.

Looking forward, investors would keep an eye on Canada’s crucial inflation figures for May and retail sales data for April, scheduled to release later in the day.

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

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

Comments are closed.