USD/CAD: Loonie extends its gains in the morning session

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.45% against the CAD to close at 1.2894.

The Canadian dollar gained ground, after Canada’s existing home sales advanced 3.1% MoM in April, following a 1.5% rise in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2842, with the USD trading 0.40% lower from yesterday’s close.

The pair is expected to find support at 1.2805, and a fall through could take it to the next support level of 1.2767. The pair is expected to find its first resistance at 1.2916, and a rise through could take it to the next resistance level of 1.2989.

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

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