USD/CAD: Loonie trading lower in the Asian session

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.86% against the CAD to close at 1.2578. Gains in the CAD were kept in check, after Canada’s RBC manufacturing PMI hit a 21-month low level of 51.0 in January, down from previous month’s reading of 53.9.

In the Asian session, at GMT0400, the pair is trading at 1.2619, with the USD trading 0.32% higher from yesterday’s close.

The pair is expected to find support at 1.2524, and a fall through could take it to the next support level of 1.2430. The pair is expected to find its first resistance at 1.2744, and a rise through could take it to the next resistance level of 1.2870.

Amid a thin economic calendar in Canada, investor sentiment would be governed by global macroeconomic news.

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

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