USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.42% against the CAD to close at 0.9974, after the Canadian building permits fell in January.
In economic news, building permits in Canada fell 12.3% (MoM) in January, compared to a rise of 10.5% in December, showing severe contraction in construction activity.
In the Asian session, at GMT0400, the pair is trading at 0.9965, with the USD trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 0.9939, and a fall through could take it to the next support level of 0.9912. The pair is expected to find its first resistance at 1.0009, and a rise through could take it to the next resistance level of 1.0052.
Trading trends in the pair today are expected to be determined by the Bank of Canada’s interest rate decision and new housing price index in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
