Fundamental Analysis

Loonie Trading A Tad Higher, Ahead Of Canada's Existing Home Sales Data

Typography

For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.2736.

In the Asian session, at GMT0400, the pair is trading at 1.2734, with the USD trading slightly lower against the CAD from yesterday's close.

The pair is expected to find support at 1.2699, and a fall through could take it to the next support level of 1.2664. The pair is expected to find its first resistance at 1.2771, and a rise through could take it to the next resistance level of 1.2808.

Going ahead, Canada's existing home sales data for October, set to release later today, will attract significant amount of investor attention.

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

Author: GCI FinancialWebsite: http://www.gcitrading.com/
GCI Financial
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 author