USD/CAD decline stalls as Canada jobs, housing data awaited

ForexNewsNow | Published on July 8, 2010 at 5:03 pm

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NEW YORK (Forex News Now) – The Canadian dollar’s recent rally against the greenback stalled on Friday (GMT), as FX traders awaited key Canadian economic data on housing and jobs.

In early Asian currency trading, USD/CAD traded at 1.0435, up 0.14 percent on the day, after rising from Thursday’s 7-day low of 1.0379.

Canada’s national housing agency, meanwhile, was expected to say there were 193,000 housing starts in June, according to two major financial news outlets, after an increase of 189,000 in May.

Official data was also expected to show that Canada’s unemployment rate held steady during the month at 8.1 percent.

According to forex analysis, USD/CAD is likely to touch immediate support around the low of June 29, 1.0342, and encounter resistance around Thursday’s high, 1.0484.

The loonie’s gains on also came after the International Monetary Fund raised its growth forecast for the global economy this year. In a report, the IMF said earlier that the world economy is recovering faster than expected; however, the organization warned that Europe must still deal with its debt crisis and keep it from infecting other regions of the world.

Meanwhile, the Canadian dollar climbed slightly versus the yen: CAD/JPY traded at 84.83, up 0.05 percent on the day.

 

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