Canadian is in the catbird seat: Data on the construction sector of Canada

The Canadian dollar continues to strengthen its positions against the US dollar, despite a slight decline in oil prices. In general, the decline in the pair USD/CAD is due to the weak position of the US dollar in today’s trading. Additional support for the Canadian is provided by positive data on the construction sector in Canada. The volume of construction of new houses in October was 222.8K, exceeding the previous value of 219.3K. The building permit in September increased by 3.8%, against the decline in August at the level of -5.1%.

Technical Analysis: At the moment, the instrument price is approaching a significant support level at 1.2700. If the price successfully overcomes this support, one should expect the price to fall to the levels of 1.2650, 12615. One should consider the resistance levels at the marks 1,2800, 1,2830.

Fig. Chart USD/CAD current price – 1,2723

Alexander Sivtsov