USD/CAD: Loonie reverses its gains in the Asian session, ahead of Canada’s housing starts and building permits data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.1% against the CAD and closed at 1.2667.

In the Asian session, at GMT0300, the pair is trading at 1.2689, with the USD trading 0.17% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2658, and a fall through could take it to the next support level of 1.2628. The pair is expected to find its first resistance at 1.2712, and a rise through could take it to the next resistance level of 1.2736.

Looking ahead, Canada’s housing starts for July and building permits for June, set to release later in the day, will garner a lot of market attention.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.