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.
