USDCAD Movement
On Friday, the USD rose marginally against the CAD to close at 1.0652.
In economic news, the Statistics Canada reported that unemployment rate in the nation stood at 6.9% in November, in-line with analysts’ expectations and similar to previous month’s unemployment rate. The government agency also reported that the economy added 21,600 number of jobs in November, far beyond market estimate for an addition of 12,000 jobs and compared to 13,200 jobs added in October.
In the Asian session, at GMT0400, the pair is trading at 1.0647, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0609, and a fall through could take it to the next support level of 1.0571. The pair is expected to find its first resistance at 1.0697, and a rise through could take it to the next resistance level of 1.0747.
Traders keenly await the Bank of Canada (BoC) Governor, Mark Carney’s speech, scheduled to commence later today, for further guidance to the Canadian Dollar. Also later today, the Canadian Mortgage and Housing Corporation is expected to release a report on Canada’s housing starts.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
