9 Jul 2015
USD/CAD drops to 1.2675 after Canadian data
FXStreet (Mumbai) - The USD/CAD pair extended the drop to a low of 1.2675 after the Canadian housing starts number printed higher than expected.
Upbeat housing data, rise in crude support CAD
The CAD has been buoyed by the rise in the oil prices since the early European session. Crude prices advanced almost 2% today after the rally in the Chinese markets triggered a spike in risk assets.
The gains were extended further after the Canadian housing starts in June rose 202.81K year-on-year, bettering the estimate of 190K. The previous month’s print remained unchanged at 196.98K. The focus now shifts to the weekly initial jobless claims data due for release in the US.
USD/CAD Technical Levels
The pair currently trades at 1.2685. The immediate resistance is located at 1.27, above which the spot could target 1.2743. On the flip side, support is seen at 1.2675, under which the pair could drop to 1.26.
Upbeat housing data, rise in crude support CAD
The CAD has been buoyed by the rise in the oil prices since the early European session. Crude prices advanced almost 2% today after the rally in the Chinese markets triggered a spike in risk assets.
The gains were extended further after the Canadian housing starts in June rose 202.81K year-on-year, bettering the estimate of 190K. The previous month’s print remained unchanged at 196.98K. The focus now shifts to the weekly initial jobless claims data due for release in the US.
USD/CAD Technical Levels
The pair currently trades at 1.2685. The immediate resistance is located at 1.27, above which the spot could target 1.2743. On the flip side, support is seen at 1.2675, under which the pair could drop to 1.26.