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Loonie Trading On A Weaker Footing This Morning

Loonie Trading On A Weaker Footing This Morning

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CAD and closed at 1.3952.

In economic news, Canada’s RBC manufacturing PMI data rose to a level of 49.3 in January, but continued to remain in contraction territory, after recording a reading of 47.5 in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3997, with the USD trading 0.32% higher from yesterday’s close.

The pair is expected to find support at 1.3915, and a fall through could take it to the next support level of 1.3834. The pair is expected to find its first resistance at 1.4071, and a rise through could take it to the next resistance level of 1.4146.

Amid no macroeconomic releases in Canada today, trading trends in the CAD are expected to be determined by global macroeconomic news.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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