USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD to close at 1.1157. The Canadian Dollar lost ground after Canada’s building permits eased 28.3% on a monthly basis in August, more than market expectations for a fall of 6.5% and compared to a revised 11.6% gain registered in July.
Yesterday, the IMF raised Canada’s economic growth projections to 2.3% this year and held its 2015 estimate at 2.4%. The fund further stated that the Bank of Canada’s present accommodative policy is “appropriate”, as slack in the economy along with downside risks to the outlook still exists.
In the Asian session, at GMT0300, the pair is trading at 1.1177, with the USD trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1.1138, and a fall through could take it to the next support level of 1.1099. The pair is expected to find its first resistance at 1.1207, and a rise through could take it to the next resistance level of 1.1237.
Going forward, investor sentiments would be governed by Canadian housing starts data, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
