GCI Forex News - USD/CAD: Loonie marginally lower ahead of Canadian consumer price data

USDCAD Movement

For the 24 hours to 23:00 GMT, USD declined 0.29% against the CAD to close at 0.9866.

Yesterday, the German Chancellor, Angela Merkel, stated that Canada is an example of how one can emerge from the crisis in a robust way praising the nation for not “living on borrowed money”.

On the economic front, manufacturing sales in Canada fell 0.4% (MoM) in June, against the market expectation of a 0.3% gain.

In the Asian session, at GMT0300, the pair is trading at 0.9869, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9853, and a fall through could take it to the next support level of 0.9836. The pair is expected to find its first resistance at 0.9893, and a rise through could take it to the next resistance level of 0.9916.

Investors are keenly eyeing the release of consumer price index in Canada due later today.

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