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

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

by Jonathan Adams

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.

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This article is for information purposes only.
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