USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD to close at 1.2691.
In economic news, Canada’s housing starts dropped to a level of 188.6K in May, compared to a revised reading of 191.4K in the previous month. Market expectation was for housing starts to drop to a level of 189.0K. Additionally, the nation’s building permits unexpectedly fell 0.3% MoM in April, after registering a revised drop of 6.3% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2674, with the USD trading 0.13% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2634, and a fall through could take it to the next support level of 1.2595. The pair is expected to find its first resistance at 1.2730, and a rise through could take it to the next resistance level of 1.2787.
Moving ahead, market participants will look forward to the Bank of Canada’s (BoC) review report, along with Canada’s new housing price index data for May, scheduled to release later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
