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Forex: USD/CAD trading at session lows after Canadian housing data

FXstreet.com (Barcelona) - The USD/CAD has recently touched intraday lows at 1.0037 Wednesday, after experiencing a tepid downturn throughout European trading. Indeed, two attempts at the upside – albeit ahead of an afternoon data release – were stonewalled at the 1.0060 region, culminating in a downturn to 1.0037/40 in these moments.

According to the TD Securities Team, “The USD/CAD retains a heavy tone, though the short-term patterns do suggest some bargain-hunting ahead of par (200-day MA at 0.9989). Above 1.0065/70 would lift funds modestly. We remain longer-term USD/CAD bulls and still prefer to look for chances to buy.”

In Canada, Housing Starts s.a. (YoY) were reported at 174.9K in April, against consensus expectations of 175K, and compared with a figure of 184K in the previous month.

Consistent with the calculations of the Mataf.net Technical Analyst Team, the USD/CAD is slated to face short-term resistance at 1.078, followed by 1.0104, and ultimately 1.0125. On the decline, a break below 1.0031 will trigger short-term supports for the USD/CAD at 1.0010, ahead of 0.9984.

Canada Apr Housing Starts s.a (YoY) decreases to 174.9K vs 181K in Mar.

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Canada: Housing Starts fell to 174.9K YoY in April

Canadian Housing Starts dropped to a seasonally adjusted 174.9K over the last twelve months in April, a tad lower than expectations at 175K and previous print at 181.0K (revised).
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