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Forex: USD/CAD recovers the 1.0150 level after Canadian housing starts

FXstreet.com (Barcelona) - The USD/CAD bottomed out at the1.0141 level (intraday low) before rebounding slightly to 1.0149/52 after the release of Canadian data. At this juncture, the cross is still trading negatively at -0.19% off its opening.

According to the ICN.com analyst team, “The USD/CAD attempted to rise, but remained limited below 23.6% CD Leg of the bearish harmonic Bat Pattern. Intraday downside move is favored today and stability below 23.6% at 1.0215 will push the pair toward the pattern's first target at 1.0140 in an attempt for a breakout once again.

In Canada, the Housing Starts s.a. (YoY) were reported at 184K in March, against expectations of 176.5K. In addition, Building Permits (MoM) grew +1.7% in February, vs. estimates calling for a +4.3% rise.

The technical analyst team at Mataf.net points to supports at 1.0143, down to 1.0120, and finally 1.0085. On the ascension, a break above 1.0201 will initiate resistances at 1.0236 and finally 1.0259.

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