USD/CAD: Canada’s unemployment rate unexpectedly rose in January, number of people employed dipped to a 9-year low in the same month


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD and closed at 1.2615 on Friday.

The Canadian Dollar declined against the USD on Friday, following downbeat Canadian labour market report.

Data revealed that Canada’s unemployment rate surprisingly advanced to a level of 5.9% in January, while investors had envisaged it to remain steady at a revised level of 5.8%. Additionally, net number of people employed in the nation recorded an unexpected drop of 88.0K in January, posting its steepest drop since January 2009. The net number of people employed had increased by a revised 64.8K in the prior month, while markets had anticipated for an advance of 10.0K.

In the Asian session, at GMT0400, the pair is trading at 1.2559, with the USD trading 0.44% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.2517, and a fall through could take it to the next support level of 1.2475. The pair is expected to find its first resistance at 1.2643, and a rise through could take it to the next resistance level of 1.2727.

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

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