Sasha Singh
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USDCAD : Gaining Strength But Gain Seems Capped

USDCAD rose a little today after the data released by Statistics Canada showed that the number of new building permits issued in Canada fell unexpectedly in March. But the gains remain capped as investors are waiting for the testimony by Fed chairman Yellen. According to the data the number of new building permits issued in March plunged 3% missing the expectation for an increase of 4.3%. Yellen is expected to reiterate that interest rates will remain on hold for longer.

On the 4 hour chart, the pair found support after a significant decline at 1.0879 and moved up. The next resistance the pair may find is at 1.0904. If the pair breaks this resistance and moves up, the next resistance the pair will find is at 1.0941.