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USD/CAD is currently trading inside a range between 1.3410 to 1.3540 area. Currently we can see some bearish pressure in the market due to recent USD negative reports. Today, the economic calendar contains the Canadian Building Permits report is an excellent barometer of future construction activity because obtaining a permit is the first step of constructing a new building and further development in the economy. The Canadian Building Permit report today is expected to be positive at 2.4%, much stronger than -5.8% previously. On the USD side, the US Energy Department is due to release Crude Oil Inventories report which is expected to show a less drawdown by -3.1M barrels which previously was at -6.4M. The US report is not the first-tier news to overcome the Canadian Building Permits report. Nevertheless, the reports are to bring in higher volatility in the market today. If the Canadian news comes better or equal to the consensus, CAD is expected to gain further against USD in the coming days.
Now let us look at the technical chart. The price is currently showing some bearish pressure in the range of 1.3410 to 1.3540 area. The selling pressure is still not quite strong as expected as 1.3410 is not yet taken out with a daily close below it. So if the price takes out 1.3410 with a daily close we will be looking forward to sell with a target towards 1.3260 support level.
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