USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.3658.
On the data front, Canada’s building permits jumped 20.2% on a monthly basis in May, compared to a revised drop of 15.4% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3665, with the USD trading 0.05% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3640, and a fall through could take it to the next support level of 1.3616. The pair is expected to find its first resistance at 1.3697, and a rise through could take it to the next resistance level of 1.3730.
Looking ahead, traders would keep a watch on Canada’s gross domestic product (GDP) for April, slated to release later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
