Sat, Sep 18, 2021 @ 04:08 GMT
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Canada’s Housing Starts Unexpectedly Climbed In July

For the 24 hours to 23:00 GMT, the USD declined 0.42% against the CAD and closed at 1.3302.

On the data front, Canada’s housing starts unexpectedly climbed to 245.6K on a yearly basis in July, defying market expectations for a drop to a level of 210.0K and compared to a reading of 211.7K in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3336, with the USD trading 0.26% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3287, and a fall through could take it to the next support level of 1.3238. The pair is expected to find its first resistance at 1.3369, and a rise through could take it to the next resistance level of 1.3402.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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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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