USD/CAD: Rise in housing starts
New residential construction projects increased quite expected in June.
Canada housing starts rose to 211.7K in June, quite anticipated (198K), after 195.5K in May.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining 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 closest support would be set at horizontal support at 1.3483 and a other would be set at 1.3300 (February overlap) in extension.
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