HomeContributorsFundamental AnalysisCanada's Housing Starts Fell Less-Than-Expected In March

Canada’s Housing Starts Fell Less-Than-Expected In March

For the 24 hours to 23:00 GMT, the USD rose 7.48% against the CAD and closed at 1.4018.

On the data front, Canada’s seasonally adjusted housing starts dropped to 195.2K in March, less than market forecast for a fall to a level of 180.0K and compared to a revised reading of 210.6K in the prior month. Meanwhile, building permits fell 7.3% on a monthly basis in February, more than market consensus for a drop of 4.5% and compared to a revised rise of 3.3% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.4027, with the USD trading 0.06% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3985, and a fall through could take it to the next support level of 1.3942. The pair is expected to find its first resistance at 1.4076, and a rise through could take it to the next resistance level of 1.4124.

Moving ahead, investors would keep a watch on Canada’s unemployment rate for March, slated to release later today.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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