Re: Daily market news by Cozfx

COZFX: Loonie trading a tad lower in the Asian session

COZforex: For the past trading session, the USD declined 0.18% against the CAD and closed at 1.3460.

In the Asian session (at GMT0300), the pair is trading at 1.3462, with the USD trading slightly higher against the CAD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CAD is expected to find support at 1.3450 and a fall through could take it to the next support level of 1.3437; Meanwhile, the pair is expected to find its first resistance at 1.3481, and a rise through could take it to the next resistance level of 1.3499.

Trading trend in the Loonie today, is expected to be determined by Canada’s existing home sales and the consumer price index, both for April, slated to release later in the day.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

(COZ forex UK)