USD/CAD: Rise in housing starts
Jean-Christophe Rolland July 10, 2020 8:07 AM
New residential construction projects increased more than expected in June.
Canada housing starts rose to 211.7K in June, more than anticipated (198K), after 195.5K in May.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line drawn from Mid-March and by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3720. The nearest support would be set at horizontal support at 1.3483 and a second one would be set at 1.3300 (February overlap) in extension.
Source : TradingVIEW, Gain Capital
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