USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.85% against the CAD to close at 1.0978 despite better than expected housing market data in Canada.
In economic news, building permits in Canada, recorded an unexpected rise of 11.8%, on a monthly basis in July, beating market expectations for a 8.5% fall and compared to a rise of 16.4% in June.
In the Asian session, at GMT0300, the pair is trading at 1.0993, with the USD trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 1.0920, and a fall through could take it to the next support level of 1.0846. The pair is expected to find its first resistance at 1.1031, and a rise through could take it to the next resistance level of 1.1068.
Trading trends in the CAD today are expected to be determined by Canada’s housing starts, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
