USD/CAD: Canada’s housing starts climbed more-than-estimated in October


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.27% against the CAD and closed at 1.3151.

Data showed that Canada’s seasonally adjusted housing starts advanced to a level of 205.9K in October, higher than market expectations for an advance to 198.0K. In the preceding month, housing starts had registered a revised level of 189.7K. Additionally, the nation’s new housing price index rose 0.2% on an annual basis in September, in line with market expectations. The index had recorded a rise of 0.4% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3182, with the USD trading 0.24% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3119, and a fall through could take it to the next support level of 1.3056. The pair is expected to find its first resistance at 1.3214, and a rise through could take it to the next resistance level of 1.3246.

Looking ahead, investors would await Canada’s ADP payrolls report, existing home sales and manufacturing sales, all set to release next week.

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

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