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9 Jun 2014
USD/CAD little changed after housing data
FXStreet (Córdoba) - The USD/CAD edged slightly lower as the CAD received a boost from better-than-expected Canadian housing data.
The USD/CAD slid to a marginal new low of 1.0912 after data showed housing starts rose to 198.3K in May versus 185K expected. while Apr figure was upwardly revised to 196.7K. However, USD/CAD reaction was fairly muted, with the pair moving just a tad lower. At time of writing, the USD/CAD is trading at 1.0915, still down 0.07% on the day.
“Given that the data run both sides of the border will be rather thin this week, we anticipate USD/CAD might consolidate”, said the TD Securities team. “The daily chart suggests funds is at risk of settling in into a range around 1.0930, as the pair has struggled to secure a break above 1.0940”.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find next supports at 1.0912 (Jun 9 low), 1.0902 (Jun 6 low) and 1.0892/89 (10-day SMA/Jun 3 low). On the upside, next resistances could be found at 1.0940 (Jun 9 high), 1.0959 (Jun 5 high) and 1.0105 (May 2 high).
The USD/CAD slid to a marginal new low of 1.0912 after data showed housing starts rose to 198.3K in May versus 185K expected. while Apr figure was upwardly revised to 196.7K. However, USD/CAD reaction was fairly muted, with the pair moving just a tad lower. At time of writing, the USD/CAD is trading at 1.0915, still down 0.07% on the day.
“Given that the data run both sides of the border will be rather thin this week, we anticipate USD/CAD might consolidate”, said the TD Securities team. “The daily chart suggests funds is at risk of settling in into a range around 1.0930, as the pair has struggled to secure a break above 1.0940”.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find next supports at 1.0912 (Jun 9 low), 1.0902 (Jun 6 low) and 1.0892/89 (10-day SMA/Jun 3 low). On the upside, next resistances could be found at 1.0940 (Jun 9 high), 1.0959 (Jun 5 high) and 1.0105 (May 2 high).