USD/CAD: Canada’s unemployment rate rose as expected in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD and closed at 1.3408 on Friday.

Macroeconomic data showed that unemployment rate in Canada registered a rise to 6.7% in March, meeting market expectations. In the previous month, the unemployment rate had recorded a reading of 6.6%. Meanwhile, the nation’s net number of people employed increased more-than-anticipated to a level of 19.4K in March, compared to a gain of 15.3K in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.342, with the USD trading 0.09% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3365, and a fall through could take it to the next support level of 1.3309. The pair is expected to find its first resistance at 1.3451, and a rise through could take it to the next resistance level of 1.3481.

Ahead in the day, traders would keep a close watch on Canada’s housing starts for March.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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