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Categorized | Forex News

USD/CAD: Loonie down ahead of Canadian GDP report

Posted on02 June 2012. Tags: , , ,

USD CAD

USDCAD Movement

For the 24 hours to 23:00 GMT, USD rose 0.25% against the CAD to close at 1.0329.

In Canada, current account deficit widened less-than-expected to C$10.3 billion in the first quarter of 2012, against the market expectation of C$10.9 billion deficit.

In the Asian session, at GMT0300, the pair is trading at 1.0350, with the USD trading 0.21% higher from yesterday’s close.

The pair is expected to find support at 1.0286, and a fall through could take it to the next support level of 1.0222. The pair is expected to find its first resistance at 1.0390, and a rise through could take it to the next resistance level of 1.0430.

Trading trends in the pair today are expected to be determined by the release of gross domestic product (GDP) in Canada.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.