USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CAD and closed at 1.3138.
Macroeconomic data indicated that Canada’s seasonally adjusted housing starts unexpectedly climbed to a level of 207.4K in January, indicating that the nation’s housing sector started 2017 on a stronger note. Meanwhile, market participants anticipated for a drop to a level of 197.3K and following a revised reading of 206.3K in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.315, with the USD trading 0.09% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3124, and a fall through could take it to the next support level of 1.3098. The pair is expected to find its first resistance at 1.3184, and a rise through could take it to the next resistance level of 1.3218.
Ahead in the day, traders will focus on Canada’s new house price index for December.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
