For the 24 hours to 23:00 GMT, the USD declined 0.44% against the CAD and closed at 1.2101.

The Canadian Dollar gained ground against the USD, after Canada’s seasonally adjusted housing starts surprisingly rose to a level of 223.2K in August, defying market consensus for a fall to a level of 216.0K and following a revised level of 222.0K in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2110, with the USD trading 0.07% higher against the CAD from yesterday’s close.

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The pair is expected to find support at 1.2082, and a fall through could take it to the next support level of 1.2054. The pair is expected to find its first resistance at 1.2154, and a rise through could take it to the next resistance level of 1.2198.

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


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