USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD and closed at 1.3323.
On the macro front, Canada’s seasonally adjusted housing starts fell less-than-anticipated to a level of 221.2K in September, compared to a revised reading of 226.9K in the prior month. Market participants had envisaged housing starts to drop to a level of 215.0K. Further, building permits rose 6.1% on a monthly basis in August, compared to a revised increase of 3.2%.
In the Asian session, at GMT0300, the pair is trading at 1.3317, with the USD trading 0.05% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3291, and a fall through could take it to the next support level of 1.3265. The pair is expected to find its first resistance at 1.3340, and a rise through could take it to the next resistance level of 1.3363.
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 and 50 Hr moving averages.
