During Friday’s trading session CAD/MXN traded within the range of 11.728-11.833 and closed at 11.826.
At 11:20 GMT today CAD/MXN was gaining 0.08% for the day to trade at 11.836. The pair touched a daily high at 11.836 at 11:19 GMT.
Fundamental view
Canada
Annualized number of housing starts in Canada probably declined to 185 000 in May from 194 800 in the previous month. Housing starts are considered as a key indicator, reflecting nation’s housing sector’ resilience. In case the number of housing starts rose more than expected, this would provide support to the loonie. Canada’s Mortgage and Housing Corporation will release the official numbers at 12:15 GMT.
Mexico
The annualized index of consumer prices (CPI) in Mexico probably slowed down to 3.47% in May, according to the median forecast by experts, from 3.5% in April. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. In case the CPI rose more than projected, this would have a bullish effect on Mexican peso.
Insituto Nacional de Estadistica Y Geografia is expected to release the official report at 13:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.864, it will probably continue up to test 11.901. In case the second key resistance is broken, the pair will probably attempt to advance to 11.969.
If CAD/MXN manages to breach the first key support at 11.759, it will probably continue to slide and test 11.691. With this second key support broken, the movement to the downside will probably continue to 11.654.
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