USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 3.10% against the CAD and closed at 1.3446 on Friday.
On the data front, Canada’s unemployment rate climbed to 13.7% in May, less than market expectations and compared to 13.0% in the previous month. Meanwhile, the Ivey Purchasing Managers’ Index rose to 39.1 in May, compared to a reading of 22.8 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3421, with the USD trading 0.19% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3372, and a fall through could take it to the next support level of 1.3323. The pair is expected to find its first resistance at 1.3490, and a rise through could take it to the next resistance level of 1.3559.
Moving forward, traders would keep a watch on Canada’s housing starts for May, slated to release later today.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
