USD/CAD: Canada’s housing starts declined in December


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD and closed at 1.2462.

On the macro front, Canada’s seasonally adjusted housing starts eased to a level of 217.0K in December, less than market expectations for a drop to a level of 211.0K. In the prior month, housing starts had registered a revised level of 251.7K.

In the Asian session, at GMT0400, the pair is trading at 1.2462, with the USD trading flat against the CAD from yesterday’s close.

The pair is expected to find support at 1.2414, and a fall through could take it to the next support level of 1.2366. The pair is expected to find its first resistance at 1.2494, and a rise through could take it to the next resistance level of 1.2526.

Ahead in the day, investors would keep a watch on Canada’s new house price index for November.

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

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