USD/CAD: Loonie reverses its losses in the morning session

USD/CAD: Loonie reverses its losses in the morning session

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 7.80% against the CAD and closed at 1.4059.

In the Asian session, at GMT0400, the pair is trading at 1.4004, with the USD trading 0.39% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3911, and a fall through could take it to the next support level of 1.3817. The pair is expected to find its first resistance at 1.4187, and a rise through could take it to the next resistance level of 1.4369.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

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

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