USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD to close at 1.0314. The Canadian Dollar gave up ground against its US counterpart after data showed that building permits in Canada declined 21.2% (MoM) in august, more than analysts’ expectation for a 7.4% drop and compared to a 21.4% surge seen in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0328, with the USD trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.0304, and a fall through could take it to the next support level of 1.0279. The pair is expected to find its first resistance at 1.0344, and a rise through could take it to the next resistance level of 1.0359.
Investors are expected to keep a close watch on the release of Canada’s international merchandised trade balance data and a report on domestic housing starts, which the market expects to show an improvement in the month of August and September, respectively.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
