USD/CAD: Loonie Trading Higher In The Asian Session

USD/CAD: Loonie Trading Higher In The Asian Session

For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 0.9960.

The Canadian Dollar fell as risk appetite eased on concern that Greece’s fiscal struggle would worsen Europe’s debt crisis and amid uncertainty over outcome of the US Presidential elections.

Adding to bearish sentiment, building permits in Canada fell 13.2% (MoM) to C$6.48 billion ($6.50 billion) in September, from a revised 9.5% rise in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9952, with the USD trading marginally lower from yesterday’s close.

The pair is expected to find support at 0.9936, and a fall through could take it to the next support level of 0.9920. The pair is expected to find its first resistance at 0.9973, and a rise through could take it to the next resistance level of 0.9993.

Trading trends in the pair today are expected to be determined by the release of the Ivey purchasing managers index in Canada, which is expected to indicate weaker industry expansion for November.