USDCAD Movement
For the 24 hours to 23:00 GMT, USD traded flat against the CAD to close at 0.9639, as oil and other commodities surged following big declines last week.
Canada Mortgage & Housing Corporation stated that, on a seasonally adjusted basis, housing starts in Canada declined 3.1% to an annual rate of 179,000 in April, the first decline in three months and compared to a revised figure of 184,700 recorded in the previous month.
In the Asian session at 3:00GMT, the pair is trading at 0.9641, flat from the New York session close.
The first area of short term resistance is observed at 0.9690, followed by 0.9739 and 0.9830. The first area of support is at 0.9599, with the subsequent supports at 0.9557 and 0.9466.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
