USD/CAD: Canada’s housing starts rose in March, while building permits plunged in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.44% against the CAD and closed at 1.3312.

Data indicated that Canada’s seasonally adjusted housing starts climbed to a level of 192.5K in March, compared to a revised reading of 166.3K in the previous month. Market participants had envisaged housing starts to register a rise to a level of 196.0K. Meanwhile, the nation’s building permits unexpectedly tumbled 5.7% on a monthly basis in February, defying market expectations for a rise of 2.0%. Building permits had recorded a revised drop of 6.0% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3312, with the USD trading flat 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 1.3253. The pair is expected to find its first resistance at 1.3364, and a rise through could take it to the next resistance level of 1.3415.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.