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


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.18% against the CAD and closed at 1.2914.

Macroeconomic data showed that Canada’s seasonally adjusted housing starts climbed to a level of 212.7K in June, compared to a revised reading of 194.6K in the previous month. Market expectation was for housing starts to rise to a level of 200.00 K.

In the Asian session, at GMT0300, the pair is trading at 1.2906, with the USD trading 0.06% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2879, and a fall through could take it to the next support level of 1.2853. The pair is expected to find its first resistance at 1.2938, and a rise through could take it to the next resistance level of 1.2971.

Ahead in the day, the Bank of Canada is scheduled to announce its interest rate decision and is widely expected to raise interest rate after strong signals from its key policymakers.

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

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