USD/CAD: Canada’s housing starts increased more-than-expected in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.49% against the CAD and closed at 1.3584.

On the data front, Canada’s housing starts rose to 211.7K on a yearly basis in June, more than market forecast for a rise to a level of 198.0K and compared to a revised reading of 195.5K in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3592, with the USD trading 0.06% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3520, and a fall through could take it to the next support level of 1.3448. The pair is expected to find its first resistance at 1.3635, and a rise through could take it to the next resistance level of 1.3678.

Going forward, traders would keep a watch on Canada’s unemployment rate for June, slated to release later today.

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

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