USD/CAD: Canada’s building permits surprisingly declined in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.1% against the CAD and closed at 1.3416.

On the economic front, Canada’s building permits unexpectedly dropped 2.5% on a monthly basis in February, confounding market expectations for a rise of 1.3%. In the previous month, building permits had recorded a revised rise of 5.8%.

In the Asian session, at GMT0300, the pair is trading at 1.3400, with the USD trading 0.12% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3379, and a fall through could take it to the next support level of 1.3359. The pair is expected to find its first resistance at 1.3435, and a rise through could take it to the next resistance level of 1.3471.

Going ahead, traders would keep a close watch on Canada’s unemployment rate for March, scheduled to release later in the day.

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

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