USDCAD Movement
On Friday, the USD rose 1.01% against the CAD to close at 1.2611, following upbeat economic data in the US.
In economic news, building permits in Canada slid 12.9% MoM in January, higher than market expectations for a fall of 4.00%. In the previous month, building permits had risen by a revised 6.10%.
In the Asian session, at GMT0400, the pair is trading at 1.2614, with the USD trading a tad higher from Friday’s close.
The pair is expected to find support at 1.2503, and a fall through could take it to the next support level of 1.2391. The pair is expected to find its first resistance at 1.2677, and a rise through could take it to the next resistance level of 1.2740.
Trading trends in the CAD today are expected to be determined by Canada’s housing starts data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
