Forex: USD/CAD establishing new session lows after US data
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has plunged 20 pips after the release of economic data in both the United States and Canada. The move lower took the pair into negative territory, establishing new intraday lows at 0.9848/50 at the time of writing, down -0.10% Thursday.
In the United States, Housing Starts (MoM) were reported at 0.954M in December, against a consensus of 0.890M. Meanwhile Building Permits (MoM) yielded a result of 0.903M in December, which was in line with expectations. Finally, Initial Jobless Claims (January 12) came in at 335K, beating projections of 365K. In Canada, Foreign Portfolio Investment in Canadian Securities (November) gave a result of $5.62B, missing estimates calling for $9.45B.
However, according to Geoffrey Yu, a Research Analyst at UBS, "we maintain a neutral rating for the USDCAD for the remainder of the day given the recent pricing action." Calculated resistance can be found at 0.9913 ahead of 0.9973. Meanwhile, on the pullback, supportive measures lie at 0.9816, ahead of 0.9795.
In the United States, Housing Starts (MoM) were reported at 0.954M in December, against a consensus of 0.890M. Meanwhile Building Permits (MoM) yielded a result of 0.903M in December, which was in line with expectations. Finally, Initial Jobless Claims (January 12) came in at 335K, beating projections of 365K. In Canada, Foreign Portfolio Investment in Canadian Securities (November) gave a result of $5.62B, missing estimates calling for $9.45B.
However, according to Geoffrey Yu, a Research Analyst at UBS, "we maintain a neutral rating for the USDCAD for the remainder of the day given the recent pricing action." Calculated resistance can be found at 0.9913 ahead of 0.9973. Meanwhile, on the pullback, supportive measures lie at 0.9816, ahead of 0.9795.
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