Loonie Trading Lower, Ahead Of Canada’s Ivey PMI Data
For the 24 hours to 23:00 GMT, the USD rose 0.73% against the CAD to close at 1.4078.
In economic news, Canada’s international merchandise trade deficit narrowed to C$2.0 billion in November, from a revised trade deficit of C$2.5 billion in the previous month, as exports grew for the first time in four months. Market expectation was for the nation to record an international merchandise trade deficit of C$2.6 billion.
In the Asian session, at GMT0400, the pair is trading at 1.4106, with the USD trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 1.4046, and a fall through could take it to the next support level of 1.3986. The pair is expected to find its first resistance at 1.4142, and a rise through could take it to the next resistance level of 1.4179.
Going ahead, investors will look forward to the release of Canada’s Ivey purchasing managers index data for December, scheduled to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.