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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.37% against the CAD and closed at 1.3263.

In the Asian session, at GMT0400, the pair is trading at 1.3260, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3213, and a fall through could take it to the next support level of 1.3167. The pair is expected to find its first resistance at 1.3296, and a rise through could take it to the next resistance level of 1.3333.

In absence of key economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.

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

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