USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.07% against the CAD and closed at 1.3452.
Data revealed that Canada’s building permits slid 5.5% on a monthly basis in January, more than market anticipations for a drop of 5.0%. In the prior month, building permits had recorded a revised gain of 6.4%.
In the Asian session, at GMT0400, the pair is trading at 1.3454, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3423, and a fall through could take it to the next support level of 1.3391. The pair is expected to find its first resistance at 1.3477, and a rise through could take it to the next resistance level of 1.3499.
Trading trend in the Loonie today, is expected to be determined by Canada’s housing starts and unemployment rate for February, scheduled to release later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
