USD/CAD: Canada’s unemployment rate surprisingly fell in June, job growth surged in the same month


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.69% against the CAD and closed at 1.2888 on Friday.

The Canadian Dollar gained ground against the USD, following robust Canadian jobs report that cemented expectations of an interest rate hike later this week.

Data indicated that Canada’s unemployment rate unexpectedly dropped to 6.5% In June, compared to market expectations of an unchanged reading. In the previous month, the unemployment rate had registered a reading of 6.6%. Further, the net number of people employed in Canada sharply climbed by 45.3K in June, following an increase of 54.5K in the previous month, while markets anticipated for a rise of 10.0K.

In the Asian session, at GMT0300, the pair is trading at 1.2881, with the USD trading slightly lower against the CAD from Friday’s close.

The pair is expected to find support at 1.2829, and a fall through could take it to the next support level of 1.2778. The pair is expected to find its first resistance at 1.2963, and a rise through could take it to the next resistance level of 1.3046.

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

This entry was posted in USD/CAD. Bookmark the permalink.

Comments are closed.