USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.52% against the CAD and closed at 1.2952.
The Canadian Dollar lost ground against the USD, after Canada’s seasonally adjusted housing starts declined more-than-estimated to a level of 214.4K in April, compared to a level of 225.2K in the prior month, while markets were anticipating housing starts to fall to 220.0K.
In the Asian session, at GMT0300, the pair is trading at 1.2957, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.2899, and a fall through could take it to the next support level of 1.284. The pair is expected to find its first resistance at 1.3007, and a rise through could take it to the next resistance level of 1.3056.
Later in the day, market participants would eye Canada’s building permits data for March.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
