USD/CAD: Daily Technical Analysis For Aug 12, 2014

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The Canadian dollar gained strength over its cousin the greenback after the loonie, as the Canadian dollar is also known, received a boost after data released on Monday showed that domestic housing starts rose unexpectedly in July, pointing to underlying strength in the housing sector.

The Canada Mortgage and Housing Corporation reported that the annual rate of housing starts rose to 200,100 units last month from June’s total of 198,700 units. Economists had expected housing starts to decline to an annual unit rate of 193,000.

The Canadian dollar ended Friday’s session lower against the greenback after data showed that the country’s economy added fewer than expected jobs in June.

Technically the pair rallied after the economic announcement but was unable to penetrate 1.09855 resistance before commencing decline. Intra-day bias remains on the downside as 21 crosses 55 EMA southward with MACD and SSRC oscillators showing signs of bearish momentum. More decline to 1.08702

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