Forex Flash: USD/CAD declines through European session

FXstreet.com (Barcelona) - USD/CAD has gently declined throughout the European session, dipping from a high at 1.0175 to post a low at 1.0158.

The pair, down 0.5% on the days trading has met a touch of support at the hourly 200 MA, currently at 1.0158, and the daily Fibonacci S1 level at 1.0156. This morning's economic data has led to a touch of strengthening against the dollar, ahead of the US open. Data wise this afternoon, we see Canadian Housing Starts and Building permits at 13.15 and 13:30 GMT, ahead of the US Redbook at 13:55 GMT and The Fed´s Lacker who is speaking at 14:30 GMT. Hourly stochastics are around the mid range at 54, while RSI sits at 44, and looks to be flatlining. With the FOMC meet tomorrow, low directional momentum can be expected in the build up.