During yesterday’s trading session USD/CAD traded within the range of 1.0662-1.0695 and closed at 1.0672.
At 11:11 GMT today USD/CAD was losing 0.08% for the day to trade at 1.0669. The pair touched a daily low at 1.0668 at 11:01 GMT.
Fundamental view
United States
At 18:00 GMT the Federal Open Market Committee (FOMC) will release the minutes from its meeting on policy held on June 18-19th. The minutes offer detailed insights on FOMC’s monetary policy stance. The release is closely examined by traders, as it may provide clues over interest rate decisions in the future. High volatility is usually present after the publication.
Canada
Annualized number of housing starts in Canada probably declined to 190 000 in June from 198 324 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 data at 12:15 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.0691, it will probably continue up to test 1.0709. In case the second key resistance is broken, the pair will probably attempt to advance to 1.0724.
If USD/CAD manages to breach the first key support at 1.0658, it will probably continue to slide and test 1.0643. With this second key support broken, the movement to the downside will probably continue to 1.0625.
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