USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.70% against the CAD and closed at 1.3396 on Friday.
On macro front, Canada’s unemployment rate remained steady at a 43-year low level of 5.6% in December, lower than market consensus for a rise to 5.7%.
In the Asian session, at GMT0400, the pair is trading at 1.3359, with the USD trading 0.28% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3314, and a fall through could take it to the next support level of 1.3270. The pair is expected to find its first resistance at 1.3447, and a rise through could take it to the next resistance level of 1.3536.
Trading trend in the Loonie today is expected to be determined by Canada’s Ivey purchasing managers index for December, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
