USD/CAD (current price: 1.3200)
The Canadian Dollar was among the strongest currencies yesterday, despite the Dollar rally. The rise in the price of oil and the mostly positive economic numbers helped the currency during the session. Building Permits came better than expected with a monthly rise of 8.7%. Housing Starts were slightly lower than the consensus estimate, with a reading of 184,000. The NHPI Index and Capacity Utilization were both positive surprises, as the pair finished on a 4-week low once again.
Our assessment: USD/CAD is trading back within its long-standing range. Strong support is still found at 1.3015 with resistance ahead at 1.3385.
