USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.36% against the CAD and closed at 1.3088 on Friday.
The Canadian Dollar gained ground, after Canada’s unemployment rate unexpectedly dropped to 6.8% in January, as the economy added 48,300 jobs in the same month. Meanwhile, market anticipated the unemployment rate to remain steady at 6.9%, recorded in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3104, with the USD trading 0.12% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3057, and a fall through could take it to the next support level of 1.3011. The pair is expected to find its first resistance at 1.3154, and a rise through could take it to the next resistance level of 1.3205.
With no economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
