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Forex: USD/CAD quiet ahead of Canada housing and PMI

FXstreet.com (Barcelona) - Following Friday’s dive, the area at 1.0070/75 is being able to hold the downside and to allow a bouncing movement of the USD/CAD. However, the best it could do was to rise to as high as 1.0091 during the European morning. The economic calendar will have Canada data today, with building permits and Ivey PMI attracting attention.

Canada building permits are expected to rise 0.9%, which would make for the third straight moderate gain after some huge swings in Q4, while Ivey PMI is viewed to slip back to 58.3 after the strong expansionary pace at 61.6 in March. The US will be pretty quiet.

In case of a drop below 1.0070/75, May-1 low at 1.0051 should try to support the USD/CAD against a fall to parity. On the upside, would have to face 1.0100 and then Friday’s high at 1.0132 before climbing further.

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