Data on the US and Canada

• The number of initial applications for unemployment benefits in the US over the past week was 236K against the forecast of 240K, which is based on the expectations for tomorrow’s employment report supports the US currency.
• Also, the building permits in Canada (m/m) for October were published, which was 3.5% against the forecast of 1.5%. Thus, increasing optimism about the real estate market in Canada, but not having provided sufficient support for the Canadian currency.

After yesterday’s report of the Bank of Canada, the pair USD/CAD remains in a downtrend, aiming for the highs of the last week, and almost completely played off the decline in the pair on Canada’s GDP data. This also indicates the resumption of the upward trend of September for this pair and a quick test of resistance levels: 1.2860 and 1.2930.

For more information about the market state, see Expert Opinions.

Fig. USD/CAD H4, current price is 1.2840.

Hanzenko Anton