USD/CAD: Loonie trading on a weaker footing in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD and closed at 1.2955.

In the Asian session, at GMT0300, the pair is trading at 1.2961, with the USD trading 0.05% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2938, and a fall through could take it to the next support level of 1.2915. The pair is expected to find its first resistance at 1.2997, and a rise through could take it to the next resistance level of 1.3033.

Moving ahead, investors would closely monitor Canada’s housing starts data for September, due to be released later in the day.

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

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