USD/CAD: Loonie trading on stronger footing this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CAD and closed at 1.2975.

In the Asian session, at GMT0300, the pair is trading at 1.2946, with the USD trading 0.22% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2885, and a fall through could take it to the next support level of 1.2824. The pair is expected to find its first resistance at 1.3037, and a rise through could take it to the next resistance level of 1.3128.

Going forward, investors will eye on Canada’s building permits data for April and Ivey Purchasing Managers Index for May, scheduled to release 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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