USD/CAD: Canada’s building permits rebounded sharply in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.76% against the CAD and closed at 1.2853.

On the macro front, building permits in Canada rebounded 3.1% MoM in March, beating market expectations for an advance of 2.0%. In the prior month, building permits had fallen by a revised 2.8%.

In the Asian session, at GMT0300, the pair is trading at 1.2838, with the USD trading 0.12% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2784, and a fall through could take it to the next support level of 1.2731. The pair is expected to find its first resistance at 1.2933, and a rise through could take it to the next resistance level of 1.3029.

Later in the day, Canada’s new housing price index for March, will be on investors’ radar.

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

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