The Canadian dollar is now gathering steam vs. its neighbour on Monday, relegatingUSD/CAD to intraday lows around 1.2480.
USD/CAD weaker post-data
The pair is now accelerating its daily decline from the 1.2530/40 area following the better-than-expected results from the Canadian housing market, where Housing Starts increased at an annual pace of 187.3K in January vs. 177.5K expected and 179.6K previous.
In the meantime, traders will closely follow the Fed’s Labour Market Conditions Index in light of last Friday’s upbeat US Payrolls.
USD/CAD levels to consider
At the moment the pair is retreating 0.25% at 1.2491 with the next support at 1.2400 (psychological level) followed by 1.2394 (low Feb.5) and then 1.2390 (low Feb.4). On the other hand, a surpass of 1.2546 (high Feb.6) would aim for 1.2585 (high Feb.5) and finally 1.2591 (high Feb.4).
USD/CAD weaker post-data
The pair is now accelerating its daily decline from the 1.2530/40 area following the better-than-expected results from the Canadian housing market, where Housing Starts increased at an annual pace of 187.3K in January vs. 177.5K expected and 179.6K previous.
In the meantime, traders will closely follow the Fed’s Labour Market Conditions Index in light of last Friday’s upbeat US Payrolls.
USD/CAD levels to consider
At the moment the pair is retreating 0.25% at 1.2491 with the next support at 1.2400 (psychological level) followed by 1.2394 (low Feb.5) and then 1.2390 (low Feb.4). On the other hand, a surpass of 1.2546 (high Feb.6) would aim for 1.2585 (high Feb.5) and finally 1.2591 (high Feb.4).
