The Canadian is stable. Data on construction in Canada

The Canadian dollar is traded in a narrow range against the US dollar, despite the decline in the volume of construction of new homes in Canada. According to the data, the volume of construction of new houses from the CMHC in December was 216.98 thousand, which is lower than the previous value of 251.675 thousand. This dynamics of the pair USD/CAD is associated with the absence of a more significant catalyst, and due to the low oil prices.

Technical analysis: Since the beginning of the week, the pair USD/CAD is moving in flat between the levels 1.2450 and 1.2385. 1,2353 and 1,2485 are considered more significant support and resistance levels respectively. After the breakthrough of the levels of 0.0 and 23.6 Fibonacci on H1 is possible to talk about the further possible direction of the price of the instrument.

Fig. USD/CAD. The current price is $ 1.2432.

Alexander Sivtsov