USD/CAD: Canada’s building permits rebounded less-than-estimated in August


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.81% against the CAD and closed at 1.3048.

On the data front, Canada’s building permits rebounded 0.4% on a monthly basis in August, undershooting market consensus for an advance of 0.5%. Building permits had recorded a revised drop of 1.5% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3050, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2962, and a fall through could take it to the next support level of 1.2873. The pair is expected to find its first resistance at 1.3104, and a rise through could take it to the next resistance level of 1.3157.

Trading trend in the Loonie today is expected to be determined by Canada’s new housing price index for August, slated to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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