The Canadian is stable. Data on construction in Canada
The Canadian dollar is traded against the US dollar in a narrow range after the publication of data on the construction sector in Canada.
- According to published data, in December the number of building permits increased by 4.8, against the decrease in November at the level of -7.3%.
- In turn, the dynamics of the pair USD/CAD is also affected by the expectation of the publication of data on oil reserves in the US, and therefore the dynamics of oil prices in the last few hours of trading also remains rather low-key.
Technical analysis: The pair USD/CAD, as a result of yesterday’s decline, found support at 1.2490, which is also responding to the first correctional level of Fibonacci 23.6 on H1.
- The main resistance levels are considered at the marks 1,2565, 1,2600.
- The main support levels are 1.2490, 1.2445.
Key recommendations: Should be considered both purchases and sales on this pair, but it is worth waiting for the publication of data on oil reserves in the US. Sales are worth considering from the levels of 1.2665, 1.2600 with the potential of 50-70 points. Also, in case of the price reduction of the instrument from the current positions and consolidation below the level of 1.2490, it is worth to consider sales from the level of 1.2445. The purchases are from the level of 1.2445 with a potential of 50-70 points.
Fig. USD/CAD. Current price – $ 1.2526
Alexander Sivtsov