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USD/CAD: Loonie extends its gains in the Asian session

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For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD, closing at 1.3114.

Canada’s housing starts dropped to a level of 198.4K in July, indicating a slowdown in the country’s housing market, compared to a level of 218.3K in the preceding month while markets expected it to fall to a level of 191.0K.

In the Asian session, at GMT0300, the pair is trading at 1.3066, with the USD trading 0.37% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3012, and a fall through could take it to the next support level of 1.2959. The pair is expected to find its first resistance at 1.3154, and a rise through could take it to the next resistance level of 1.3243.

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

Risk Warning:

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Paul

The author Paul