USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.40% against the CAD and closed at 1.3227 on Friday.
On the macro front, Canada’s seasonally adjusted housing starts unexpectedly fell to a level of 202.0K in October, confounding market expectations for an advance to a level of 221.20 K. Housing starts had recorded a revised level of 221.1K in the previous month. Moreover, the nation’s building permits declined more-than-expected by 6.5% on a monthly basis in September, compared to a revised rise of 5.6% in the prior month. Markets participants had expected building permits to drop 2.0%. Meanwhile, the unemployment rate remained unchanged at 5.5% in October, at par with market expectations.
In the Asian session, at GMT0400, the pair is trading at 1.3230, with the USD trading marginally higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3196, and a fall through could take it to the next support level of 1.3161. The pair is expected to find its first resistance at 1.3251, and a rise through could take it to the next resistance level of 1.3271.
In absence of key economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
