USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.41% against the CAD to close at 0.9929. The Canadian Dollar rose after building permits in Canada rose 4.7% (MoM) in March, compared to a 7.6% rise in February, and against the market expectation of 1.5% fall.
In the Asian session, at GMT0300, the pair is trading at 0.9938, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 0.9914, and a fall through could take it to the next support level of 0.9889. The pair is expected to find its first resistance at 0.9973, and a rise through could take it to the next resistance level of 1.0008.
The pair is expected to trade on the cues from the release of housing starts data in Canada.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
