USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.62% against the CAD, on Friday, to close at 0.9791, amid poor Canadian jobs data, decline in oil prices and concerns over the global economic recovery.
The Canadian economy added 22,000 jobs in May, compared to an addition of 58300 jobs in April. Additionally, the unemployment rate declined to 7.4% in May, from 7.6% in April.
In the Asian session at 3:00GMT, the pair is trading at 0.9773, 0.18% lower from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9812, followed by 0.9851 and 0.9942. The first area of support is at 0.9721, with the subsequent supports at 0.9669 and 0.9578.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving averages.
