USD/CAD: daily update
USD/CAD is rising for the third day in a row as the market players unwind USD shorts awaiting the hints from the Fed on when the central bank will start tapering bind purchases (watch the FOMC conference at 18:30 GMT). The new Bank of Canada’s new Governor Stephen Poloz also makes his first public speech tomorrow (16:40 GMT).
Analysts at TD Securities pointed out that bearish pressure on the pair is easing, though for now there are no signs of sustained moves higher. The picture on the daily chart remains mixed, though the outlook on H4 has become more positive. There’s a band of resistance in the 1.0215/30 area and then more at 1.0265/75. Support is at 1.0180, 1.0150 (200-week MA) and 1.0120/10.
US data released today:
- Housing Starts: 0.91M vs. 0.95M (prev.: 0.86M).
- Building Permits: 0.97M vs. 0.98M (prev.: 1.01M).
- CPI m/m: 0.1% vs. 0.1% (prev.: -0.4%).
Chart. H4 USD/CAD