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Loonie Extends Its Gains In The Asian Session

Loonie Extends Its Gains In The Asian Session

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD to close at 1.4550.

In the Asian session, at GMT0400, the pair is trading at 1.4518, with the USD trading 0.22% lower from yesterday’s close.

The pair is expected to find support at 1.4474, and a fall through could take it to the next support level of 1.4430. The pair is expected to find its first resistance at 1.4574, and a rise through could take it to the next resistance level of 1.4630.

Moving ahead, market participants will keep a close watch on the BoC’s interest rate decision, scheduled to be announced tomorrow.

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

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