USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CAD to close at 1.2922.
In economic news, Canada’s building permits rebounded 0.8% MoM in July, after dropping for two consecutive months. Building permits had fallen by a revised 5.3% in the previous month. Additionally, the nation’s new housing price index advanced more-than-expected by 0.4% MoM in July, following a 0.1% gain in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2916, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2863, and a fall through could take it to the next support level of 1.2809. The pair is expected to find its first resistance at 1.2954, and a rise through could take it to the next resistance level of 1.2991.
Going ahead, market participants await the release of Canada’s unemployment rate and housing starts data, both for the month of August, due later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
