USD/CAD: Canada’s building permits rebounded in September


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD and closed at 1.3126.

Data revealed that Canada’s building permits rebounded 0.4% on a monthly basis in September, following a revised fall of 1.1% in the prior month. Market participants had anticipated building permits to rise 0.3%.

In the Asian session, at GMT0400, the pair is trading at 1.3111, with the USD trading 0.11% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3092, and a fall through could take it to the next support level of 1.3074. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3178.

Going forward, investors would await Canada’s Ivey purchasing managers index for October, scheduled to release later in the day.

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

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