USD/CAD falls to session lows at 1.0178/82

FXstreet.com (New York) - The USD/CAD technical pair has retreated to fresh lows Monday, on the heels of upbeat economic data in Canada.

In Canada, the Housing Starts s.a. (YoY) came in at 200.2K in May, against expectations of 178.1K, and compared to 174.9K.

“The USD/CAD is consolidating last week’s losses so far. The short-term tone looks soft but we also spot what we think is likely to be firm (retracement) support at 1.0169 (61.8% of the May rally). Above 1.0215/20 on the day should see more gains.” notes the TD Securities Team.

Briefing the technicals, the pair is operating at the 1.0178/82 barrier, or -0.36% in these moments. The USD/CAD will look towards supports at 1.0136 followed by 1.0090, and finally 1.0014. Alternatively, a movement higher will usher in resistances at 0.8561, then 1.0258, eventually 1.0334, and 1.0380, calculates the Mataf.net analyst team.