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16 Apr 2014
USD/CAD breaks down the 1.0970 ahead of BoC
FXStreet (San Francisco) - The US Dollar is losing ground against its Canadian counterpart as the USD/CAD just broke the 1.0970 support to trade at daily lows around 1.0965 following US housing data.
The housing permits in the United States declined more than expected in March with an annual rate of 990K. However, housing starts showed a solid increase of 2.8% in March to 946K, nevertheless, a small increase than market consensus.
The unit is now focusing on the Bank of Canada interest rate decision that will be held at 1% according to experts.
Currently, USD/CAD is trading at 1.0976, down 0.01% on the day, having posted a daily high at 1.1006 and low at 1.0963. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.
USD/CAD levels
If the pair remains below 1.0970, next support would be found at 1.0950 and 1.0940. On the upside, resistances are at 1.1000, 1.1010 and 1.1030.
The housing permits in the United States declined more than expected in March with an annual rate of 990K. However, housing starts showed a solid increase of 2.8% in March to 946K, nevertheless, a small increase than market consensus.
The unit is now focusing on the Bank of Canada interest rate decision that will be held at 1% according to experts.
Currently, USD/CAD is trading at 1.0976, down 0.01% on the day, having posted a daily high at 1.1006 and low at 1.0963. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.
USD/CAD levels
If the pair remains below 1.0970, next support would be found at 1.0950 and 1.0940. On the upside, resistances are at 1.1000, 1.1010 and 1.1030.