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Tuesday 17 May 2016

The pair USD/CAD has grown up after the release of US and Canadian data

On Tuesday, the US dollar registered growth against the Canadian supported by the upbeat US reports, while disappointing data on manufacturing sales in Canada put pressure on the local currency.
Pair USD/CAD reached 1.2950 during early US trade, the session high, and subsequently consolidated at 1.2946, gaining 0.42%.
The pair was likely to find support at 1.2768, the low of May 12 and resistance at 1.3014, the high of May 9th.
The dollar found support after the US Commerce Department said that housing starts rose in April by 6.6% to 1.172 million units, compared with expectations of increase to 1.127 million units.



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