Loonie Trading On A Weaker Footing In The Asian Session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 1.2908, after US consumer prices advanced above expectations in April.

In economic news, Canada’s manufacturing shipments fell less-than-anticipated by 0.9% MoM in March, compared to market expectations for a drop of 2.0% and following a decline of 3.3% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2930, with the USD trading 0.17% higher from yesterday’s close.

The pair is expected to find support at 1.2858, and a fall through could take it to the next support level of 1.2786. The pair is expected to find its first resistance at 1.2978, and a rise through could take it to the next resistance level of 1.3026.

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

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