USD/CAD: Canada’s building permits unexpectedly dropped in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.07% against the CAD and closed at 1.3705.

On the data front, Canada’s building permits unexpectedly eased 5.8% on a monthly basis in March, defying market expectations for it to climb 2.8%. In the preceding month, building permits had registered a revised fall of 2.8%.

In the Asian session, at GMT0300, the pair is trading at 1.3705, with the USD trading flat against the CAD from yesterday’s close.

The pair is expected to find support at 1.3665, and a fall through could take it to the next support level of 1.3624. The pair is expected to find its first resistance at 1.3749, and a rise through could take it to the next resistance level of 1.3792.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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