How USDCAD trades ahead Housing Starts? ADS Securities’ market analysts see a positive trend in the pair despite strong data-driven Canadian dollar.
10 April, ADS Securities – The US Dollar declined against its Canadian counterpart in the previous session as the Canadian companies added a greater number of jobs than expected in March.
How USDCAD trades ahead Housing Starts?
As of now, the pair is trading in an upside trending channel on the 1H chart, hinting at bullish momentum in the coming session. Early today, the MACD witnessed a positive centerline crossover further affirming the above stance. Meanwhile, traders would eye housing starts data in Canada to be released later in the day.
Key technical obstacle is located at the 1.3430 level, a break above which might lead to positive momentum in the pair, paving the way for the 1.3440 and psychological 1.3450 levels. On the other hand, key support is situated at the 1.3415 level, followed by the 1.3410 where EMA 55 is trading and 1.3395 levels.
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