Canada Housing Starts Better than Forecasts

Canada Housing Starts s.a Year over Year, came in at 245.7K, eating forecasts. The Building Permits, Month over Month, came in at -13%, worst than analysts’ expectations of -2.5% in May.

Bears are in full control as the pair trading below all major daily moving averages. The pair hovers in oversold levels. First support stands at 1.3098 the 200 hour moving average and then at 1.3077 the 100 hour moving average. Immediate resistance for the pair stands at 1.3133 the daily high from European session, while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3195 the high from June 26th. The pair needs to make a convincing rebound about 1.3133 otherwise the sellers will make an attempt for new yearly lows.Don’t miss a beat! Follow us on Twitter.