During yesterday’s trading session CAD/MXN traded within the range of 11.902-11.973 and closed at 11.968.
At 9:36 GMT today CAD/MXN was gaining 0.14% for the day to trade at 11.977. The pair touched a daily high at 11.988 at 8:40 GMT.
Fundamental view
The number of building permits in the country probably rose 4.3% in March compared to a month ago, according to the median estimate by experts. In February permits issued by the government declined 11.6%. Building permits, as an indicator, provide information regarding demand in Canada’s housing market. A higher than anticipated number would be supportive for the Canadian dollar. Statistics Canada is to release its monthly report at 12:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.994, it will probably continue up to test 12.019. In case the second key resistance is broken, the pair will probably attempt to advance to 12.065.
If CAD/MXN manages to breach the first key support at 11.922, it will probably continue to slide and test 11.876. With this second key support broken, the movement to the downside will probably continue to 11.851.
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