USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.09% against the CAD and closed at 1.2768 on Friday.
On the economic front, the unemployment rate in Canada remained steady at 5.8% in March, in line with market expectations. Furthermore, the nation’s seasonally adjusted Ivey PMI recorded a rise to a level of 59.8 in March, after recording a level of 59.6 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2775, with the USD trading 0.05% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2741, and a fall through could take it to the next support level of 1.2706. The pair is expected to find its first resistance at 1.2803, and a rise through could take it to the next resistance level of 1.2830.
Going ahead, market participants would keep a close watch on the Bank of Canada (BoC) business outlook survey report as well as Canada’s housing starts data for March, both slated to release later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
