Fundamental Analysis

USD/CAD: Loonie Trading On A Weaker Footing, Ahead Of Canada's Retail Sales Data

Typography

For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD and closed at 1.3339.

In the Asian session, at GMT0400, the pair is trading at 1.3351, with the USD trading 0.09% higher against the CAD from yesterday's close.

The pair is expected to find support at 1.3311, and a fall through could take it to the next support level of 1.3272. The pair is expected to find its first resistance at 1.3381, and a rise through could take it to the next resistance level of 1.3412.

Ahead in the day, investors will look forward to Canada's retail sales data for January.

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

About the Contributor
GCI Financial
Author: GCI FinancialWebsite: http://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
More from the contributor