USD/CAD: Loonie extends its losses in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.35% against the CAD and closed at 1.3309.

In the Asian session, at GMT0300, the pair is trading at 1.3339, with the USD trading 0.23% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3273, and a fall through could take it to the next support level of 1.3206. The pair is expected to find its first resistance at 1.3377, and a rise through could take it to the next resistance level of 1.3414.

Moving forward, traders would keep a watch on Canada’s unemployment rate and the Ivey Purchasing Managers Index, both for July, slated to release later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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