By: Colin Jessup
The Canadian Economy got some good news from the Housing Starts for September giving the Loonie a tiny bit more strength against its southern cousin, the Greenback. August saw 191.9k in housing starts while September saw a jump to 205.9k. This was still not enough to break below interim support at 1.0233, which is also the 50% fibo level for the bullish move starting September 19th. The Greenback held its ground above this level, but has not broken through major resistance at 1.03300 which it will need to do before the bulls can return. If 1.0330 is breached, look for more resistance at 1.0400 and 1.0450. If price falls and the Bears take control look for support at 1.0250 and 1.0160.
Happy Trading!
