USD/CAD Moving Within Small Range

The USD/CAD pair has stabilized on Friday, with the Canadian Dollar (CAD) supported by the increase in wholesale sales, while the US Dollar (USD) is supported by the rise in housing starts, despite a retreat in the consumer sentiment.

During today’s trade, the pair has reached a high of 1.35892 and a low of ‪1.35650, and has been moving mostly vertically.

Earlier, data by Statistics Canada showed that wholesale sales increased over the month of May by 5.7% to $52.6 billion, after falling in April by 21.4% due to the COVID-19 pandemic.

The May reading missed market expectations which suggested an 8.5% rise. In addition, wholesale sales volumes increased by 5.2% in May.

Meanwhile, housing starts in the US increased in June by 17.3% to a seasonal annual rate of 1.186 million, according to data by the Ministry of Commerce.

The University Of Michigan Survey Of Consumers showed that the US consumer sentiment index declined in the first half of July due to the widespread resurgence of COVID-19.

After the index increased in June, its reading was reversed, leaving the sentiment index in early July insignificantly above the April low by 1.4 points.

Support Levels: 1.3522 – 1.3473  – 1.3443

Resistance Levels: 1.3601 – 1.3631 – 1.3680