USD/CAD: Canada’s unemployment rate surprisingly fell to a 40-year low level in October


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.09% against the CAD and closed at 1.3099 on Friday.

In the economic news, Canada’s unemployment rate unexpectedly slid to a four-decade low rate of 5.8% in October, confounding market expectations for a steady reading. The unemployment rate had registered a reading of 5.9% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.3107, with the USD trading 0.06% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3064, and a fall through could take it to the next support level of 1.3022. The pair is expected to find its first resistance at 1.3134, and a rise through could take it to the next resistance level of 1.3162.

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

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