USD/CAD falls to 3-week low after Canadian data

FXStreet Team FXStreet

FXstreet.com (CÃ³rdoba) - The Loonie strengthened and dragged USD/CAD to a fresh 3-week low after data showed Canadian building permits grew much more than anticipated in July.

Data, oil prices support the CAD

USD/CAD broke decisively below 1.0380 and stretched to a low of 1.0363 as building permits rose 20.7% versus 1.0% expected. At time of writing, USD/CAD is trading at the 1.0365 zone, where it records a 0.4% loss on the day.

The Canadian dollar is also being supported by oil prices, which have been rallying amid fears of supply disruptions in the Middle East given growing tensions in Syria.

USD/CAD technical levels

In terms of technical levels, USD/CAD could face immediate supports at 1.0363 (daily low) and 1.0335 (Aug 20 low). On the other hand, resistances could be found 1.0420 (daily high) and 1.0445 (20-day SMA).

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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