USD/CAD: Loonie trading a tad lower in the Asian session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 2.29% against the CAD and closed at 1.3287, amid better than expected initial jobless claims data from the US.

In the Asian session, at GMT0400, the pair is trading at 1.3288, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3270, and a fall through could take it to the next support level of 1.3251. The pair is expected to find its first resistance at 1.3308, and a rise through could take it to the next resistance level of 1.3327.

Trading trend in the pair today, is expected to be determined by Canada’s unemployment rate and the Ivey Purchasing Managers’ Index, both for January, slated to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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