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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.18% against the CAD and closed at 1.3092.

In economic news, Canada’s CFIB business barometer index declined to a level of 60.1 in January, after recording a reading of 60.7 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3111, with the USD trading 0.15% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3065, and a fall through could take it to the next support level of 1.302. The pair is expected to find its first resistance at 1.3143, and a rise through could take it to the next resistance level of 1.3176.

Going ahead, Canada’s GDP and RBC manufacturing PMI, due to release next week, both will be on investor’s radar.

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

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