USDCAD: Bulls Rejected at 1.3190
USDCAD trades 0.05% higher at 1.3175 in consolidation mood after the correction from 3-month highs. In Canada, the Housing Starts s.a (year over year) came in at 226.6K topping expectations of 215K in August, the Building Permits (month over month) came in at 3%, also topping expectations of 2.3% in July. In US the Redbook Index (year over year) came in at 6.4% for September 6 versus previous reading of 6.5%, the monthly reading increased to -0.4% on September 6 from previous -1%. Crude oil prices, Canada’s main export product, is 0.21% higher at $57.97 per barrel, at six-week highs.
The pair today rejected at 1.3191 the 50-day moving average and retreated to 1.3175. Bears are in control now as USDCAD trades below all major daily moving averages. On the downside immediate support for the pair stands at 1.3159 daily low while more bids will emerge at 1.3104 the low from July 31st. Immediate resistance for the pair now stands at 1.3191 today’s high, and then at 1.3283 the 100-day moving average.