USD/CAD: Canada’s unemployment rate dipped in September


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.19% against the CAD and closed at 1.2947 on Friday.

On the data front, Canada’s jobless rate fell to 5.9% in September, in line with market expectations and compared to a rate of 6.0% in the previous month. Additionally, the nation posted a merchandise trade surplus of C$0.5 billion in September, compared to a revised deficit of C$0.2 billion in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2966, with the USD trading 0.15% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.2916, and a fall through could take it to the next support level of 1.2866. The pair is expected to find its first resistance at 1.2991, and a rise through could take it to the next resistance level of 1.3016.

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

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