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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.3453.

In the Asian session, at GMT0300, the pair is trading at 1.3458, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3439, and a fall through could take it to the next support level of 1.3419. The pair is expected to find its first resistance at 1.3479, and a rise through could take it to the next resistance level of 1.3499.

Looking forward, investors would closely monitor Canada’s gross domestic product for February, slated to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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