USD/CAD: Canada’s housing starts declined to its lowest level in two-years in September


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.09% against the CAD and closed at 1.2943.

On the data front, Canada’s seasonally adjusted housing starts unexpectedly fell to a two-year low level of 188.7K in September, defying market expectations for a rise to a level of 210.0K. In the preceding month, housing starts had recorded a reading of 201.0K.

In the Asian session, at GMT0300, the pair is trading at 1.2943, with the USD trading flat against the CAD from yesterday’s close.

The pair is expected to find support at 1.2917, and a fall through could take it to the next support level of 1.2890. The pair is expected to find its first resistance at 1.2987, and a rise through could take it to the next resistance level of 1.3030.

Locking forward, investors would await Canada’s building permits for August, slated to release later in the day.

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

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