USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.42% against the CAD to close at 1.0372. Investors increased their exposure in the Canadian Dollar, as a strong building permit data in Canada bolstered the growth prospect of the economy. An official data showed that building permits in Canada surged 20.7% (MoM) in July, surpassing analysts’ expectation for a rise to 1.0% and compared to a 10.6% drop recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0365, with the USD trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.0348, and a fall through could take it to the next support level of 1.0330. The pair is expected to find its first resistance at 1.0394, and a rise through could take it to the next resistance level of 1.0422.
Trading trend in the Canadian Dollar is expected to be determined by Canada’s housing start data, scheduled to release later during the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
