USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CAD and closed at 1.3161.
In economic news, data revealed that Canada’s building permits unexpectedly eased by 5.5% MoM in June, declining for the fourth straight month, compared to market expectations for a rise of 1.5% and following a revised drop of 2.1% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3183, with the USD trading 0.17% higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3148, and a fall through could take it to the next support level of 1.3113. The pair is expected to find its first resistance at 1.3202, and a rise through could take it to the next resistance level of 1.3221.
Looking ahead, investors would keep a close watch on Canada’s housing starts data for July, due to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
