USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.62% against the CAD and closed at 1.3286.
Macroeconomic data indicated that, Canada’s seasonally adjusted housing starts dropped to a level of 192.9K in October, highlighting that the nation’s property boom is cooling. Markets expected for a drop to a level of 195.0K and following a revised level of 219.4K in the previous month. Further, the nation’s building permits dropped more-than-expected by 7.0% MoM in September, following a revised gain of 11.0% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3486, with the USD trading 1.51% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3331, and a fall through could take it to the next support level of 1.3176. The pair is expected to find its first resistance at 1.357, and a rise through could take it to the next resistance level of 1.3654.
With no economic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
