USD/CAD: Canada’s jobless rate advanced more-than-estimated in August


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.3180 on Friday.

The Canadian dollar weakened against the US dollar, following disappointing Canada’s jobs data.

Macroeconomic data revealed that, Canada’s unemployment rate climbed to 6.0% in August, higher than market expectations for a rise to a level of 5.9%. In the prior month, unemployment rate had recorded a rate of 5.8%. On the contrary, the nation’s seasonally adjusted Ivey PMI rose to a level of 61.9 in August, after registering a reading of 61.8 in the preceding month.

In the Asian session, at GMT0300, the pair is trading at 1.3185, with the USD trading slightly higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3134, and a fall through could take it to the next support level of 1.3082. The pair is expected to find its first resistance at 1.3214, and a rise through could take it to the next resistance level of 1.3242.

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

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