Wed, Jun 23, 2021 @ 01:56 GMT
HomeContributorsFundamental AnalysisCanada's Building Permits Rebouned In May

Canada’s Building Permits Rebouned In May

For the 24 hours to 23:00 GMT, the USD marginally declined against the CAD and closed at 1.3658.

On the data front, Canada’s building permits jumped 20.2% on a monthly basis in May, compared to a revised drop of 15.4% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3665, with the USD trading 0.05% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3640, and a fall through could take it to the next support level of 1.3616. The pair is expected to find its first resistance at 1.3697, and a rise through could take it to the next resistance level of 1.3730.

Looking ahead, traders would keep a watch on Canada’s gross domestic product (GDP) for April, slated to release later today.

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

GCI Financial
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.

Featured Analysis

Learn Forex Trading