USD/CAD: Loonie trading marginally lower, ahead of Canada’s jobs data


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD and closed at 1.2572.

In the Asian session, at GMT0300, the pair is trading at 1.2575, with the USD trading a tad higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2546, and a fall through could take it to the next support level of 1.2516. The pair is expected to find its first resistance at 1.2612, and a rise through could take it to the next resistance level of 1.2648.

Ahead in the day, traders will closely monitor Canada’s unemployment rate data for July, to gauge strength in the nation’s labour market.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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