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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD remained flat against the CAD and closed at 1.3351.

In economic news, Canada’s new house price index rose 0.1% on an annual basis in October, in line with market expectations and compared to a rise of 0.2% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3369, with the USD trading 0.13% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3344, and a fall through could take it to the next support level of 1.3319. The pair is expected to find its first resistance at 1.3389, and a rise through could take it to the next resistance level of 1.3409.

Next week, investors would closely monitor Canada’s gross domestic product, consumer price index, retail sales and existing homes sales data.

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

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