FXstreet.com (Barcelona) - Total value of Canadian building permits has boosted 18% to C$6.1 billion in October, beating markets' expectation of an increase by about 1%, after a 3.2% increase in September, upwardly revised from the 1.6% increase previously estimated. The USD/CAD has extended reversal from 1.0650 high.
USD/CAD rally from intra-day low at 1.0540 has been capped at 1.0650 during European session, and the pair extended reversal to levels below 1.0580 support reaching 1.0540 area at the moment of writing, giving away previous gains.
Next support level lies at 1.0535 session low, and below here, 1.0515 (Dec 2 high) and 1.0465/75 (Dec 3 low). On the upside, resistance levels lie at 1.0585/95 (Dec 3, 4 high), and above here, 1.0650 session high and 1.0685 (Nov 19 high).