USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.08% against the CAD to close at 0.9725, after building permits in Canada declined by 5.1% (M-o-M) to C$5.4 billion in January following a growth of 2.6% in the previous month.
Federal Reserve Bank of Atlanta President, Dennis Lockhart stated that he was slightly more cautious about the economic outlook due to unrest in North Africa and the Middle East and their impact on oil prices.
In the Asian session at 4:00GMT, the pair is trading at 0.9727, 0.02% higher from the New York session close.
The first area of short term resistance is observed at 0.9747, followed by 0.9767 and 0.9810. The first area of support is at 0.9704, with the subsequent supports at 0.9681 and 0.9638.
The pair is expected to trade on the cues from the release of data on housing starts in Canada.
The currency pair is just above its 20 Hr moving average and 50 Hr moving average.
