USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, USD rose 0.35% against the CAD to close at 1.0183, after data showed that Canadian purchasing activity unexpectedly contracted in June.
In Canada, Ivey purchasing managers index (PMI) on a seasonally adjusted basis fell to a reading of 49.0 in June, from 60.5 in May, making it first contraction since July 2011.
However, jobless rate dropped more-than-expected to 7.2%, adding 7,300 jobs against the market expectation of addition of 5,000 jobs. Meanwhile, building permits in the nation rose by 7.4% (MoM) in May, highest level since May 2007.
In the Asian session, at GMT0300, the pair is trading at 1.0189, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.0150, and a fall through could take it to the next support level of 1.0110. The pair is expected to find its first resistance at 1.0220, and a rise through could take it to the next resistance level of 1.0250.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
