On Wednesday (February 8th), during the morning session in New York, the USD/CAD quickly recovered, hitting a daily high of 0.9990, but the exchange rate subsequently fell rapidly and is currently trading around the 0.9960 level.

According to data released by Canada Mortgage and Housing Corp, Canada's new home starts in January fell 1.0% to 179,900. In December last year, housing starts were revised to 19.99 million.

At the same time, the data released by the American Mortgage Association (MBA) showed that, as of the week of February 3, the seasonally adjusted US mortgage application activity index rose by 7.5% to 810.0; the refinancing activity index rose by 9.4% to 4 , 500.7; Mortgage Purchase Index rose 0.1% to 181.9.

Canadian Prime Minister Harper, who is visiting China, said in his opening remarks with Premier Wen Jiabao on the 8th that he hopes to further strengthen cooperation between the two countries in the fields of energy, natural resources, education and tourism. This is Harper's second visit to China since he became Canadian Prime Minister in 2006.

Canada has long relied heavily on the U.S. market, but as the U.S. economy continues to slump, Canada is forced to look east in search of sustained economic growth. Canada's domestic crude oil resources are abundant, which means that currently only U.S. exports affect huge industrial clusters. The oil will turn to China. If this prospect is realized, the Canadian dollar may become the big winner of the Chinese factor after the Australian dollar.

USD/CAD has continued to move lower. The drag on exchange rate factors include: commodity prices and higher oil prices; global risk appetite continues to heat up.

From a technical point of view, the USD/CAD daily chart is mixed, MACD bearish, and the 5 and 15 day moving averages are down, but the stochastics are bullish in the oversold area. Support is at 0.9936 (yesterday's low), followed by 0.9923 and 0.9910 (low of October 31st last year). After falling below, it will look at 0.9888 (low of October 27 last year) and then 0.9776 (last September 19). Day lows). Resistance is at 0.9994 (Yesterday's high), then at 1.0033 (Friday's high); after a break, it looks at the range of 1.0048-1.0053 (consisting of the high of February 1 and the high of January 31), followed by See 1.007 (January 30 high), 1.0147 (January 25 high), 1.0162 (January 23 high) and 1.0177-1.0188 (from the January 18 high and January 17 high constitute).

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