USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.50% against the CAD to close at 1.2942.
In economic news, Canada’s unemployment rate unexpectedly rose to 7.1% in September, its highest level in more than a year, from 7.0% in August. Meanwhile, the Canadian economy added 12.1K jobs in September, higher than the forecasted figure of 10.0K, and following gains of 12.0K in August. However, most of the jobs were part-time, which increased by 74.0K during the month, while full-time employment declined by 61.9K. In other economic news, the BoC’s quarterly business outlook survey showed that the overall business sentiment in the country remains lukewarm, led by weak commodity prices. It further mentioned that it expects company sales to accelerate over the next year, owing to an improvement in forward-looking indicators.
In the Asian session, at GMT0300, the pair is trading at 1.2924, with the USD trading 0.14% lower from Friday’s close.
The pair is expected to find support at 1.2884, and a fall through could take it to the next support level of 1.2843. The pair is expected to find its first resistance at 1.2979, and a rise through could take it to the next resistance level of 1.3033.
On account of a holiday observed in Canada today, market participants will look forward to Canada’s existing home sales data for September, to be released later this week.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
