USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.57% against the CAD to close at 1.3584.
In economic news, housing starts in Canada rose to a level of 211.9K in November, compared to market expectations of an advance to 200.0K, after recording a revised reading of 197.7K in the previous month. Moreover, the nation’s building permits advanced more-than-expected by 9.1% MoM in October, from a revised drop of 6.6% in the previous month. Investors had expected it to rise 2.9%.
Separately, the BoC Governor, Stephen Poloz, indicated that the central bank would be willing to push the benchmark interest rate below zero, if Canada ever faces a major economic shock in the future. However, he stressed that the central bank has no such intention at present.
In the Asian session, at GMT0400, the pair is trading at 1.3578, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3514, and a fall through could take it to the next support level of 1.3450. The pair is expected to find its first resistance at 1.3633, and a rise through could take it to the next resistance level of 1.3688.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
