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USD/CAD close to session lows

canadian-dollarUS dollar lowered against its Canadian counterpart on Tuesday, following the optimistic data, regarding Canadian housing sector, but still expectations of FED taking action continued supporting greenbacks demand.

USD/CAD fell to a session low at 1.0512 at 13:14 GMT, the lowest point since July 5th, after which consolidation followed at 1.0520. Support was likely to be received at July 4th low, 1.0463, while resistance was to be encountered at July 8th high, 1.0586.

A report stated that housing starts in Canada rose in June by 199 586 units, beating expectations of a number of 188 000, after an increase by 204 616 units, a revision up from 200 178 units previously.

In the mean time, demand for the greenback remained strong, following the release of data on July 5th, that showed economy in the United States added 195 000 job positions in June, exceeding the 165 000 increase, projected by experts. In June FED Chairman Ben Bernanke said that the central bank intended to scale back its easing program by the end of 2013, if US economic conditions were to meet FED’s objectives.

Elsewhere, Canadian dollar traded higher against the euro, with EUR/CAD cross decreasing by 0.47% to 1.3527. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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