USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.36% against the CAD to close at 1.2586.
The CAD lost ground, after building permits in Canada unexpectedly dropped 0.9%, declining for the second consecutive month on a monthly basis in February, lower than market expectations for an advance of 3.30%. In the previous month, building permits had fallen by a revised 12.90%.
Other economic data indicated that the new housing price index in Canada rose 0.2% MoM in February, beating market expectations for a 0.1% rise. The index had fallen 0.1% in the prior month.
Separately, the Organization for Economic Co-Operation and Development (OECD) warned that the Canadian economy was slowing down, signalling that collapsing oil prices are badly hitting the resource-dependent economy.
In the Asian session, at GMT0300, the pair is trading at 1.2589, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2524, and a fall through could take it to the next support level of 1.2460. The pair is expected to find its first resistance at 1.2634, and a rise through could take it to the next resistance level of 1.2680.
Looking ahead, Canada’s unemployment rate data, scheduled later today would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
