USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.32% against the CAD and closed at 1.3018.
Data showed that, Canada’s building permits retreated 2.3% on monthly basis in June, amid weakness in the residential sector and more than market expectations for a fall of 0.1%. In the prior month, building permits had climbed by a revised 4.8%.
In the Asian session, at GMT0300, the pair is trading at 1.3007, with the USD trading 0.08% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2969, and a fall through could take it to the next support level of 1.2930. The pair is expected to find its first resistance at 1.3083, and a rise through could take it to the next resistance level of 1.3158.
Trading trend in the Loonie today is expected to be determined by the release of Canada’s housing starts for July followed by the new housing price index for June, scheduled to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
