USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.3242.
Data showed that Canada’s housing starts advanced to a level of 201.3K in November, less than market consensus for a rise to a level of 221.2K. In the prior month, housing starts had recorded a revised reading of 200.7K. Meanwhile, the nation’s building permits unexpectedly declined 1.5% in October, defying market expectations for a rise of 2.9%. In the prior month, building permits had recorded a revised drop of 5.9%.
In the Asian session, at GMT0400, the pair is trading at 1.3235, with the USD trading 0.05% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3217, and a fall through could take it to the next support level of 1.3199. The pair is expected to find its first resistance at 1.3259, and a rise through could take it to the next resistance level of 1.3283.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
