USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 1.0346.
The Canadian Dollar received support after the Canadian building permits data surprised the market by jumping 10.5% in April, its fourth consecutive monthly gain, to a seasonally adjusted CAD7.0 billion, against the expected 3.0% drop and following a revised rise of 6.0% recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0353, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.0325, and a fall through could take it to the next support level of 1.0297. The pair is expected to find its first resistance at 1.0381, and a rise through could take it to the next resistance level of 1.0409.
Later today, Canada’s Ivey PMI is anticipated to mark substantial improvement in May.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
