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Forex - USD/CAD almost unchanged after Canadian housing data

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Investing.com - The U.S. dollar was almost unchanged against the Canadian dollar on Wednesday, after data showed that Canadian housing starts declined less-than-expected in December.

USD/CAD hit 0.9881 during early U.S. trade, the session high; the pair subsequently consolidated at 0.9864, inching down 0.04%.

The pair was likely to find support at 0.9842, Tuesday's low and resistance at 0.9895, the high of December 20.

The Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 198,000 units in December from 201,400 units in November, whose figure was revised up from a previously reported 196,100 units.

Analysts had expected Canadian housing starts to dip to 195,000 units in December.

Investors remained jittery ahead of Thursday's policy setting meetings by the European Central Bank and the Bank of England.

The ECB was widely expected to hold off cutting rates, but some market participants expected the bank to flag the possibility of rate cuts later in the year.

Overall market sentiment also remained cautious amid uncertainty over the ongoing U.S. debate about raising the debt ceiling.

The loonie, as the Canadian dollar is also known, was higher against the euro, with EUR/CAD down 0.34% to 1.2863.

Later Wednesday, the U.S. was to publish official data on crude oil stockpiles.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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