USD/CAD: Canada’s housing starts surprisingly jumped in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.62% against the CAD and closed at 1.3492.

In economic news, Canada’s seasonally adjusted housing starts unexpectedly advanced to a level of 210.2K in February, confounding market consensus for a drop to a level of 200.0K and compared to a revised level of 208.9K in the previous month. Moreover, the nation’s building permits climbed 5.4% MoM in January, more than market expectations for a rise of 3.0% and after recording a revised fall of 4.4% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.3497, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3430, and a fall through could take it to the next support level of 1.3364. The pair is expected to find its first resistance at 1.3531, and a rise through could take it to the next resistance level of 1.3566.

Ahead in the day, market participants will focus on Canada’s new house price index for January.

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

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