USD/CAD: Loonie trading higher in the morning session


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.25% against the CAD and closed at 1.3101 on Friday.

Data released showed that Canada’s unemployment rate unexpectedly rose to 6.0% in June, defying market consensus for an unchanged reading. The unemployment rate had recorded a rate of 5.8% in the prior month. Additionally, trade deficit widened more than expected to C$2.8 billion in May, compared to a revised deficit of C$1.9 billion in the prior month. On the other hand, nation’s seasonally adjusted Ivey PMI increased to a level of 63.1 in June, compared to a reading of 62.5 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3085, with the USD trading 0.12% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3058, and a fall through could take it to the next support level of 1.3031. The pair is expected to find its first resistance at 1.3131, and a rise through could take it to the next resistance level of 1.3177.

In absence of key economic releases in Canada today, investor sentiment would be determined by global macroeconomic events.

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.