USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.56% against the CAD to close at 1.2106.
On the macro front, Canada’s building permits rebounded 11.6% on a monthly basis, registering its first increase in 3-months in March and following a revised drop of 0.3% recorded in the previous month. Markets were expecting the index to advance 2.0%.
In the Asian session, at GMT0300, the pair is trading at 1.2109, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2038, and a fall through could take it to the next support level of 1.1968. The pair is expected to find its first resistance at 1.2172, and a rise through could take it to the next resistance level of 1.2236.
Going forward, investors await the release of Canada’s unemployment rate data, scheduled later today.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
