USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.82% against the CAD and closed at 1.3053.
The Canadian dollar gained ground against US dollar, after Canada signalled that it was ready to make a concession to the US to resolve their talks over the North American Free Trade Agreement (NAFTA).
Data indicated that Canada’s seasonally adjusted housing starts unexpectedly eased for the second consecutive month to a level of 201.0K in August, defying market expectations for a rise to a level of 216.3K. In the previous month, housing starts had recorded a reading of 206.3K.
In the Asian session, at GMT0300, the pair is trading at 1.3069, with the USD trading 0.12% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3016, and a fall through could take it to the next support level of 1.2964. The pair is expected to find its first resistance at 1.3148, and a rise through could take it to the next resistance level of 1.3228.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
