USD/CAD: Loonie trading on a stronger footing this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.24% against the CAD and closed at 1.3179.

In the Asian session, at GMT0300, the pair is trading at 1.3168, with the USD trading 0.08% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.314, and a fall through could take it to the next support level of 1.3111. The pair is expected to find its first resistance at 1.3221, and a rise through could take it to the next resistance level of 1.3273.

Trading trend in the pair today is expected to be determined by Canada’s retail sales for June and news housing price index for July, slated to release later today.

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

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