Canada Housing Starts come out better at 186.3. USDCAD ignores the better data and bounces in quiet trade
Written February 8, 2010 at 8:22 AM EST by Greg Michalowski
The expectation was for a 180.0K increase. This is the 4th straight monthly increase. The low was reached in April 2009 at 120.40.
The USDCAD has remained contained so far. The price moved down to the 100 bar MA on the data’s release but has bounced. That level comes in at the 1.0688. In order to keep the bullish bias this morning a move above the 1.0706 is needed followed by the price getting through 1.0721. On the downside, if the 100 bar MA is broken, key support comes in against the 100 and 200 hour MAs which are nearly identical at the 1.0652 area.
Categories: Forex Trading |
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