USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.20% against the CAD to close at 1.2741.
The CAD lost ground, after Canadian building permits tumbled 14.5% on a monthly basis in May, giving back previous month’s revised gain of 12.1%. Market expectations were for it to drop 5.0% in May.
In the Asian session, at GMT0300, the pair is trading at 1.2722, with the USD trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 1.2684, and a fall through could take it to the next support level of 1.2645. The pair is expected to find its first resistance at 1.2765, and a rise through could take it to the next resistance level of 1.2808.
Moving ahead, investors would keep a close eye on Canada’s housing starts data, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
