USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.29% against the CAD to close at 1.2412. The CAD traded on a stronger footing, following a better-than-expected housing data in Canada.
Data released showed that housing starts in Canada advanced to 201.70 K in May, higher than market expectations of a rise to a level of 185.00 K. Additionally, building permits in the nation unexpectedly climbed 11.6% MoM in April, compared to market expected drop of 5.0%. It followed a revised rise of 13.6% in March.
In the Asian session, at GMT0300, the pair is trading at 1.2392, with the USD trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1.2358, and a fall through could take it to the next support level of 1.2324. The pair is expected to find its first resistance at 1.2450, and a rise through could take it to the next resistance level of 1.2508.
Amid no other major economic releases in Canada this week, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
