USD/CAD: Canada’s building permits surged in May


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD and closed at 1.2978.

Macroeconomic data indicated that Canada’s building permits jumped 8.9% on a monthly basis in May, higher than market expectations for a gain of 1.0% and after recording a revised advance of 0.5% in the previous month. On the contrary, the nation’s international merchandise trade deficit expanded to a level of C$1.09 billion in May, following a revised deficit of C$0.55 billion in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2985, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2941, and a fall through could take it to the next support level of 1.2896. The pair is expected to find its first resistance at 1.3012, and a rise through could take it to the next resistance level of 1.3038.

Looking forward, Canada’s unemployment rate data for June, due to release later in the day, will keep investors on their toes.

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

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