USD/CAD: Canadian housing starts declined less-than-expected in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 4.70% against the CAD and closed at 1.3655.

On the macro front, Canada’s housing starts dropped to a level of 210.1K in February, less than market expectation for a fall to a level of 205.0K and compared to revised level of 214.0K in the previous month. Additionally, building permits unexpectedly advanced 4.0% on a monthly basis in January, defying market expectations for a drop of 3.0% and compared to revised rise of 9.9% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.3643, with the USD trading 0.09% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3538, and a fall through could take it to the next support level of 1.3433. The pair is expected to find its first resistance at 1.3728, and a rise through could take it to the next resistance level of 1.3813.

Amid no macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

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

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