USD/CAD: Canada’s housing starts jumped to its highest level since September 2007 in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.71% against the CAD and closed at 1.3322.

The Canadian Dollar gained ground, after Canada’s housing starts climbed more-than-anticipated to a level of 253.7K March, notching its highest level in nearly a decade, suggesting that housing market will remain one of the bright spots in the nation’s economy. Housing starts had recorded a revised level of 214.3K in the preceding month, while market participants anticipated for a rise to a level of 214.5K.

In the Asian session, at GMT0300, the pair is trading at 1.3327, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3283, and a fall through could take it to the next support level of 1.3238. The pair is expected to find its first resistance at 1.3399, and a rise through could take it to the next resistance level of 1.3470.

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

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