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USD/CAD retreats further after Canadian housing data

FXStreet (Córdoba) - The USD/CAD extended its pullback from Friday's highs and scored fresh lows for the day after data showed Canadian housing starts grew more than expected in July.

Canadian housing starts rose to 200.1K YoY in July versus 193.0K expected, giving the loonie another push and sending USD/CAD to a daily low of 1.0949 in recent dealings. At time of writing, the pair is trading near lows at the 1.0950 zone, recording a 0.17% loss on the day.

The USD/CAD rallied to a high of 1.0983 Friday in the wake of disappointing Canadian jobs figures, but stalled once again at the 1.0985 zone.

USD/CAD levels to watch

In terms of technical levels, next supports for USD/CAD are seen at 1.0908 (Aug 8 low), 1.0898 (23.6% Fibo of 1.0619/1.0985) and 1.0874 (100-day SMA). On the other hand, resistances could be found at 1.0983/85 (Aug 8 & 6 highs) and 1.1000 (psychological level).

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