USDCAD Movement
On Friday, the USD rose 0.41% against the CAD to close at 1.0891. The Canadian Dollar declined against the greenback after a report showed that the unemployment rate in Canada unexpectedly rose to 7.2% in December, from the previous month’s level of 6.9%. Another report confirmed that net employment in Canada fell by 45,900 in December, defying analysts’ expectations for a rise by 14,100 and compared to a 21,600 increase registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.0895, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0837, and a fall through could take it to the next support level of 1.0779. The pair is expected to find its first resistance at 1.0950, and a rise through could take it to the next resistance level of 1.1005.
Later today, the Bank of Canada (BoC) is expected to publish a report on Canada’s business outlook survey for the fourth quarter.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
