USD/CAD: Canada’s unemployment rate fell less-than-expected in June


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.08% against the CAD and closed at 1.3595 on Friday.

On the data front, Canada’s unemployment rate fell to 12.3% in June, less than expectations for a fall to 12.0% and compared to a rate of 13.7% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3576, with the USD trading 0.14% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3554, and a fall through could take it to the next support level of 1.3532. The pair is expected to find its first resistance at 1.3615, and a rise through could take it to the next resistance level of 1.3654.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is tradin below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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