USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.43% against the CAD and closed at 1.3414 on Friday.
Data indicated that Canada’s building permits rebounded 2.1% on a monthly basis in March, amid advanced construction plans in the four Western provinces and compared to a revised fall of 5.1% in the previous month. Market participants had anticipated building permits to record an advance of 2.4%. Additionally, the nation’s unemployment rate unexpectedly slid to 5.7% in April, compared to 5.8% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3438, with the USD trading 0.18% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3386, and a fall through could take it to the next support level of 1.3333. The pair is expected to find its first resistance at 1.3486, and a rise through could take it to the next resistance level of 1.3533.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
