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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD and closed at 1.3695.

Macroeconomic data indicated that Canada’s seasonally adjusted housing starts fell more-than-expected to a level of 214.1K in April, from a revised ten-year high level of 252.3K registered in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3694, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3645, and a fall through could take it to the next support level of 1.3596. The pair is expected to find its first resistance at 1.3738, and a rise through could take it to the next resistance level of 1.3782.

Going ahead, Canada’s building permits data for March, slated to release later in the day, will garner a lot of market attention.

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

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