Today, official data are expected to show a large bounce of about 10% of building permits in Canada after a 17.1% decrease in April.

From a technical point of view, on a daily chart, USD/CAD has broken below the lower boundary of a triangle and is capped by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3770. The nearest support would be set at horizontal support at 1.3490 and a second one would be set at 1.3300 (February overlap) in extension.

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