USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.39% against the CAD to close at 0.9950. Loonie fell as a downbeat US jobless data raised concerns about US economic growth, dampening demand for high-yielding assets. The Canadian Dollar also declined after crude oil prices fell.
In the US, the initial jobless claims stood at 386,000 for week ended 14th April, compared to 388,000 in the previous week. Market had expected initial jobless claims to rise to 365,000 for the week ended April 14th. Additionally, continuing jobless claims rose to 3.297 million for week ended 7th April, compared to 3.271 million in the preceding week. Market had expected to continuing jobless claims to rise to 3.280 million for week ended 7th April.
In the Asian session, at GMT0300, the pair is trading at 0.9946, with the USD trading 0.03% lower from yesterday’s close.
The pair is expected to find support at 0.9896, and a fall through could take it to the next support level of 0.9847. The pair is expected to find its first resistance at 0.9980, and a rise through could take it to the next resistance level of 1.0014.
Trading trends in the pair today are expected to be determined by release of consumer price index (CPI) and leading indicators in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
