USD/CAD: Canada’s housing starts surprisingly rose in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.71% against the CAD and closed at 1.3395.

Data revealed that Canada’s seasonally adjusted housing starts unexpectedly advanced to a level of 215.9K in November, defying market expectations for a fall to a level of 198.0K. In the prior month, housing starts had registered a revised reading of 206.8K.

On the other hand, the nation’s building permits fell 0.2% on a monthly basis in October, undershooting market expectations for a drop of 0.3%. Building permits had recorded a rise of 0.4% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3402, with the USD trading 0.05% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3324, and a fall through could take it to the next support level of 1.3247. The pair is expected to find its first resistance at 1.3448, and a rise through could take it to the next resistance level of 1.3495.

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

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