Yesterday’s trade saw USD/CAD within the range of 1.0877-1.0982. The pair closed at 1.0975, gaining 0.81% on a daily basis.
At 7:57 GMT today USD/CAD was up 0.14% for the day to trade at 1.0989. The pair broke the first key weekly resistance and touched a daily high at 1.1002 at 7:30 GMT.
Fundamental view
Canada
Annualized number of housing starts in Canada probably decreased to the seasonally adjusted 195 500 in August, according to expectations. In July the number of housing starts was reported at 200 098, or the highest level since October 2013. Housing starts are considered as a key indicator, reflecting the strength of nation’s housing sector. In case the number of housing starts decreased more than expected, this might have a negative effect on the loonie. Canada’s Mortgage and Housing Corporation will release the official numbers at 12:15 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.0945. In case USD/CAD manages to breach the first resistance level at 1.1012, it will probably continue up to test 1.1050. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1117.
If USD/CAD manages to breach the first key support at 1.0907, it will probably continue to slide and test 1.0840. With this second key support broken, the movement to the downside will probably continue to 1.0802.
The mid-Pivot levels for today are as follows: M1 – 1.0821, M2 – 1.0874, M3 – 1.0926, M4 – 1.0979, M5 – 1.1031, M6 – 1.1084.
In weekly terms, the central pivot point is at 1.0879. The three key resistance levels are as follows: R1 – 1.0942, R2 – 1.1003, R3 – 1.1066. The three key support levels are: S1 – 1.0818, S2 – 1.0755, S3 – 1.0694.
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