USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.45% against the CAD and closed at 1.3509.
On the macro front, Canada’s building permits unexpectedly eased 0.2% MoM in April, compared to a revised drop of 4.9% in the prior month. Markets were anticipating building permits to rebound by 3.0%.
In the Asian session, at GMT0300, the pair is trading at 1.3511, with the USD trading slightly higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3450, and a fall through could take it to the next support level of 1.3389. The pair is expected to find its first resistance at 1.3549, and a rise through could take it to the next resistance level of 1.3587.
Ahead in the day, investors would eye a speech by the Bank of Canada’s (BoC) Governor, Stephen Poloz, along with Canada’s housing starts data for May.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
