Colombian journalist and Forex's technical and fundamental analyst since 2010. His articles has been featured in several media outlets.

USD/CAD & Building Permits: On it's way to reach the 1.3350 level?

Today at 12:30 GMT will be released the building permits in Canada and analysts are expecting a rise from -1.9% to 2.7%, but that indicator should have a medium-impact on the CAD pairs. Latest releases had been showing declines and giving hints that constructions in Canada hadn't performed well. However, with a positive number we should see that Canadian dollar attempts a rally against other currencies during this week.

The technical picture for USD/CAD at H4 chart is still very bullish following the US NFP's positive numbers. The greenback's strength should push higher the pair towards the 1.3387 level, where a pullback should happen. This bullish scenario remains alive, as the Loonie has been following a bullish trend line since June 22 session. However, if numbers in Canada today are positive, then a pullback to the 1.3100 psychological level is possible.

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