USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined 0.41% against the CAD, on Friday to close at 0.9552.
In Canada, the unemployment rate declined by 0.1% (M-o-M) to 7.7% in March. The Canadian economy lost 1,500 jobs in March, after adding more than 15,000 in February. Additionally, housing starts in March rose to 188,800 in March compared to an upwardly revised rate of 183,700 units in February.
Investors remained focused on policy makers meeting this week and expect that the Bank of Canada would keep its target interest rate at 1%.
In the Asian session at 3:00GMT, the pair is trading at 0.9554, 0.02% higher from the New York session close.
The first area of short term resistance is observed at 0.9588, followed by 0.9623 and 0.9691. The first area of support is at 0.9520, with the subsequent supports at 0.9487 and 0.9419.
With no major release from Canada, the pair is expected to trade on trends in the greenback.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
