USD/CAD: Canada unemployment rate declined to a 2-year low level in February


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.33% against the CAD and closed at 1.3464 on Friday.

The Canadian Dollar gained ground, after Canada’s unemployment rate unexpectedly fell to 6.6% in February, hitting its lowest level in two-years, whereas markets were expecting the unemployment rate to remain steady at 6.8%.

In the Asian session, at GMT0400, the pair is trading at 1.3447, with the USD trading 0.13% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3406, and a fall through could take it to the next support level of 1.3366. The pair is expected to find its first resistance at 1.35, and a rise through could take it to the next resistance level of 1.3554.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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