USDCAD Movement
On Friday, the USD rose 0.33% against the CAD to close at 1.0488, as a better-than-expected US employment data, boosted the demand for the US Dollar.
In Canada, on a seasonally adjusted yearly basis, housing starts in the nation advanced to a reading of 198,300 in October, more than market expectations for a rise of 190,800 and compared to a 195,900 increase recorded in the preceding month. Meanwhile, the Statistics Canada reported that the unemployment rate remained steady at 6.9% in October, defying analysts’ estimate for a rise to 7.0%. Another report confirmed that the Canadian economy added 13,200 jobs in October, slightly less than market estimate for 13,500 and following an addition of 11,900 jobs in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0476, with the USD trading 0.11% lower from Friday’s close.
The pair is expected to find support at 1.0446, and a fall through could take it to the next support level of 1.0417. The pair is expected to find its first resistance at 1.0505, and a rise through could take it to the next resistance level of 1.0535.
As the Canadian markets are closed on account of Remembrance Day holiday, traders are expected to keep a close tab on global economic news for cues in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
