USDCAD Movement
On Friday, the USD rose 0.62% against the CAD to close at 1.0899 after the Canadian economy surprisingly lost 28,900 jobs in April, following a big gain of 42,900 in March and compared to analysts’ call for an addition of 12,000 new jobs in the previous month. However, unemployment rate in the Canada stood pat at previous month’s level of 6.9% in April.
In the Asian session, at GMT0300, the pair is trading at 1.0900, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0836, and a fall through could take it to the next support level of 1.0773. The pair is expected to find its first resistance at 1.0940, and a rise through could take it to the next resistance level of 1.0981.
Traders are eyeing global economic news for further cues in the currency pair amid lack of major economic releases from Canada and the US.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
