USD/CAD: Loonie trading slightly higher in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.28% against the CAD and closed at 1.3038 on Friday.

In the Asian session, at GMT0300, the pair is trading at 1.3033, with the USD trading a tad lower against the CAD from Friday’s close.

The pair is expected to find support at 1.2993, and a fall through could take it to the next support level of 1.2952. The pair is expected to find its first resistance at 1.3064, and a rise through could take it to the next resistance level of 1.3094.

Looking ahead, investors would keep an eye on Canada’s existing home sales for August, slated 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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