On Tuesday 9th of May, the event calendar is light in fundamental data, but global investors will pay attention to Building Permits data from Canada and JOLTs Job Openings data from the US. There are two speeches from the FOMC members scheduled later in the day as well.
USD/CAD analysis for 09/05/2017:
The Building Permits data are scheduled for release at 12:30 pm GMT and market participants expect a 4.2% increase in the number of new building projects authorized for construction in Canada. The figure is widely used as an indicator for developments in the housing market, since receiving a permit to build is the first step in the construction process.
Let's now take a look at the USD/CAD technical picture. After reaching the top at the level of 1.3749, the price reversed and now is trading inside of a tight range between the levels of 1.3646 - 1.3758. In case of worse than expected data, the price might break out below the support at the level of 1.3646 and head towards the level of 1.3529, where the next technical support is.