USD/CAD: Canada unemployment rate slid to its lowest level since 1976 in November


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.73% against the CAD and closed at 1.3293 on Friday.

In economic news, Canada’ unemployment rate unexpectedly declined to a 42-year low level of 5.6% in November, defying market anticipation for an unchanged reading. Unemployment rate had registered a reading of 5.8% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3300, with the USD trading 0.05% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3236, and a fall through could take it to the next support level of 1.3172. The pair is expected to find its first resistance at 1.3382, and a rise through could take it to the next resistance level of 1.3464.

Going ahead, traders would keep an eye on Canada’s housing starts for November and building permits for October, set to release later in the day.

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

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