USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.3515.
On the data front, Canada’s seasonally adjusted housing starts dropped more-than-expected to a level of 194.7K in May, compared to market expectations of a fall to a level of 202.0K. In the prior month, housing starts had recorded a revised level of 213.5K. On the other hand, the nation’s new housing price index advanced 0.8% MoM in April, more than market expectations for a rise of 0.2%. The index had registered a rise of 0.2% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3515, with the USD trading flat against the CAD from yesterday’s close.
The pair is expected to find support at 1.3487, and a fall through could take it to the next support level of 1.3458. The pair is expected to find its first resistance at 1.3542, and a rise through could take it to the next resistance level of 1.3568.
Ahead in the day, traders would keenly await Canada’s unemployment rate data for May, to gauge strength in the nation’s labour market.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
