USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.42% against the CAD to close at 1.3144.
In economic news, Canadian building permits rebounded above expectations by 15.5% MoM, in February, its largest monthly increase in over two years. Investors had expected a rise of 4.0%. In the prior month, building permits had dropped 9.8%.
In the Asian session, at GMT0300, the pair is trading at 1.3109, with the USD trading 0.26% lower from yesterday’s close.
The pair is expected to find support at 1.3025, and a fall through could take it to the next support level of 1.2940. The pair is expected to find its first resistance at 1.3188, and a rise through could take it to the next resistance level of 1.3267.
Going ahead, investors will look forward to Canada’s unemployment rate and housing starts data, both for the month of March, scheduled to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
