USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD to close at 1.3058,
The CAD weakened, after the release of downbeat Canadian building permits data.
Yesterday, data showed that Canada’s building permits unexpectedly fell 3.7% MoM in August, from an upwardly revised 0.7% in July, due to lower demand for construction in several provinces. Market participants had forecasted it to advance 0.3%.
In the Asian session, at GMT0300, the pair is trading at 1.3067, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.3002, and a fall through could take it to the next support level of 1.2936. The pair is expected to find its first resistance at 1.3103, and a rise through could take it to the next resistance level of 1.3138.
Moving ahead, Canada’s housing starts data, scheduled later today, will grab significant amount of market attention.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
