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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.15% against the CAD and closed at 1.2162.

Macroeconomic data revealed that Canada’s Teranet/National Bank house price index climbed 0.6% in August, after recording a rise of 2.0% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2177, with the USD trading 0.12% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2132, and a fall through could take it to the next support level of 1.2087. The pair is expected to find its first resistance at 1.2221, and a rise through could take it to the next resistance level of 1.2265.

Going ahead, market participants will keep a close watch on Canada’s new housing price index data for July, set to release later in the day.

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

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