USD/CAD: Loonie trading higher, ahead of Canada’s building permits and housing starts data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD and closed at 1.3409.

Macroeconomic data revealed that Canada’s seasonally adjusted Ivey PMI unexpectedly eased to a level of 55.0 in February, compared to a reading of 57.2 in the prior month and confounding market consensus for the PMI to climb to a level of 58.5. In contrast, the nation’s international merchandise trade surplus rose more-than-estimated to a level of C$0.81 billion in January, compared to a revised international merchandise trade surplus of C$0.45 billion in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3401, with the USD trading 0.06% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3376, and a fall through could take it to the next support level of 1.3352. The pair is expected to find its first resistance at 1.343, and a rise through could take it to the next resistance level of 1.346.

Ahead in the day, Canada’s housing starts for February and building permits for January, will be closely watched by market participants.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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