USDCAD Movement
On Friday, the USD rose 0.52% against the CAD to close at 1.0579, after reports showed that the US employment data came in better than market expectations, while Canada’s job market stagnated in June
In Canada, the unemployment rate remained stable at 7.1% in June, while the participation rate remained steady at 66.7% in the same month. Meanwhile, the Canadian economy reduced 400 jobs in June, after rising by 95.0K in the previous month. Separately, the Canadian Ivey purchasing managers’ index declined to a reading 55.3 in June, from a reading of 63.1 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0581, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.0523, and a fall through could take it to the next support level of 1.0465. The pair is expected to find its first resistance at 1.0625, and a rise through could take it to the next resistance level of 1.0669.
In the day’s economic news, Canada is scheduled to release its building permits and the Bank of Canada business outlook survey.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
