USDCAD Movement
For the 24 hours to 23:00 GMT, the USD fell marginally against the CAD to close at 1.0159.
The Canadian Dollar picked up gains after Canadian economic data printed on the positive side. Housing starts in the nation increased slightly to a seasonally adjusted 184.0K (YoY) in March, from a revised 183.2K recorded earlier. However, building permits rose 1.7% (MoM) in February, slower than the revised 1.8% growth in January.
In the Asian session, at GMT0300, the pair is trading at 1.0154, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0132, and a fall through could take it to the next support level of 1.0109. The pair is expected to find its first resistance at 1.0177, and a rise through could take it to the next resistance level of 1.0199.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
