USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD to close at 1.0069.
The Canadian building permits increased more-than-expected by 8.6% (MoM) in March, following a revised 1.5% growth recorded in the previous month. Market had expected a rise of 0.9%.
Meanwhile, on a seasonally adjusted basis, the Ivey purchasing managers’ index in Canada dropped to a reading of 52.2 in April, from a reading of 61.6 recorded in the previous month. Market had expected a reading of 58.3.
In the Asian session, at GMT0300, the pair is trading at 1.0066, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0053, and a fall through could take it to the next support level of 1.0041. The pair is expected to find its first resistance at 1.0088, and a rise through could take it to the next resistance level of 1.0111.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
