USD/CAD: Canadian building permits declined for the first since March 2017 in July


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 1.00% against the CAD and closed at 1.2114.

In economic news, Canada’s building permits registered a drop of 3.5% on a monthly basis in July, more than market expectations for a fall of 1.5% and dipping for the first time in four months. Building permits had recorded a revised rise of 4.4% in the previous month. Moreover, the nation’s seasonally adjusted Ivey PMI eased to a level of 56.3 in August, compared to a level of 60.0 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2071, with the USD trading 0.35% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2012, and a fall through could take it to the next support level of 1.1953. The pair is expected to find its first resistance at 1.2183, and a rise through could take it to the next resistance level of 1.2295.

Ahead in the day, traders would draw their attention to Canada’s unemployment rate for August.

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

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