USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.85% against the CAD and closed at 1.2598.
In economic news, Canada’s seasonally adjusted housing starts declined less-than-expected to a level of 225.2K in March, from a revised level of 231.0K in the prior month, while market participants had envisaged for a fall to a level of 216.8K. Moreover, the nation’s building permits retreated 2.6% MoM in February, more than market expectations for a drop of 1.3%. In the prior month, building permits had advanced by a revised 5.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2605, with the USD trading 0.06% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2563, and a fall through could take it to the next support level of 1.2520. The pair is expected to find its first resistance at 1.2674, and a rise through could take it to the next resistance level of 1.2742.
Ahead in the day, investors would focus on Canada’s new housing price index for February.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
