USDCAD Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.3266.
In economic news, Canada’s building permits surged 14.7% on a monthly basis in April, compared to a revised rise of 2.8% in the previous month. Market participants had anticipated building permits to register a climb of 1.8%. Meanwhile, the nation’s seasonally adjusted housing starts declined to a level of 202.3K in May, more than market expectations for fall to a level of 207.5K. In the prior month, housing starts had registered a revised level of 233.4K.
In the Asian session, at GMT0300, the pair is trading at 1.3264, with the USD trading a tad lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3250, and a fall through could take it to the next support level of 1.3237. The pair is expected to find its first resistance at 1.3279, and a rise through could take it to the next resistance level of 1.3295.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
