USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.3147.
In economic news, Canada’s seasonally adjusted housing starts unexpectedly rose to a level of 226.6K in August, confounding market expectations for a drop to a level of 212.5K. Housing starts had recorded a revised reading of 222.5K in the prior month. Further, the nation’s building permits advanced 3.0% on a monthly basis in July, surpassing market consensus for a rise of 2.3%. In the previous month, building permits had registered a revised decline of 3.1%.
In the Asian session, at GMT0300, the pair is trading at 1.3146, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3123, and a fall through could take it to the next support level of 1.3099. The pair is expected to find its first resistance at 1.3181, and a rise through could take it to the next resistance level of 1.3215.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
