For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.3147.

In economic news, Canada’s seasonally adjusted housing starts unexpectedly rose to a level of 226.6K in August, confounding market expectations for a drop to a level of 212.5K. Housing starts had recorded a revised reading of 222.5K in the prior month. Further, the nation’s building permits advanced 3.0% on a monthly basis in July, surpassing market consensus for a rise of 2.3%. In the previous month, building permits had registered a revised decline of 3.1%.

In the Asian session, at GMT0300, the pair is trading at 1.3146, with the USD trading marginally lower against the CAD from yesterday’s close.

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The pair is expected to find support at 1.3123, and a fall through could take it to the next support level of 1.3099. The pair is expected to find its first resistance at 1.3181, and a rise through could take it to the next resistance level of 1.3215.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


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