USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.5% against the CAD and closed at 1.2569.
Macroeconomic data revealed that Canada’s building permits rebounded 4.8% MoM in December, higher than market expectations for a rise of 2.0%. Building permits had fallen by a revised 7.3% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2559, with the USD trading 0.08% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2511, and a fall through could take it to the next support level of 1.2464. The pair is expected to find its first resistance at 1.2592, and a rise through could take it to the next resistance level of 1.2626.
Ahead in the day, market participants will keep a close watch on Canada’s housing starts data for January.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
