USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.62% against the CAD to close at 1.0832. The Canadian Dollar advanced after annual housing starts in Canada surged by 24.0% to a seasonally adjusted 194,809 units in April, rebounding from a 18.0% drop in March. Separately, Canada’s new housing price index registered a growth of 0.2% (MoM) in March, in-line with market expectations and similar to the pace of rise in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0830, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.0793, and a fall through could take it to the next support level of 1.0757. The pair is expected to find its first resistance at 1.0885, and a rise through could take it to the next resistance level of 1.0941.
Later today, the Statistics Canada is scheduled to publish data on Canada’s unemployment rate for April.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
