USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the CAD to close at 1.0563.
In Canadian economic news, building permits surged 4.5% in May to a seasonally adjusted C$7.3 billion. Market had expected building permits to drop 5.0% in May. Separately, the Bank of Canada’s business outlook survey declined to a reading of 9.0 in the Q2 2013, from a reading of 24.0 in the previous quarter.
In the Asian session, at GMT0300, the pair is trading at 1.0558, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0539, and a fall through could take it to the next support level of 1.0520. The pair is expected to find its first resistance at 1.0582, and a rise through could take it to the next resistance level of 1.0606.
Following yesterday’s upbeat building permits data, investors await today’s housing starts data in Canada for further insight on the Canadian housing market.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
