USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.9% against the CAD and closed at 1.3878.
The Canadian dollar lost ground, after Canada’s unemployment rate unexpectedly edged up to a 2-year high level of 7.2% in January, while markets expected it to remain steady at 7.1%. Also, the net number of people employed surprisingly eased by 5.7K in January, compared to market expectations of an increase by 6.0K and following a revised rise of 24.1K in the previous month.
On the other hand, the nation’s seasonally adjusted Ivey purchasing managers index rose unexpectedly to a level of 66.0 in January, touching its highest level in four years, against markets expectations for it to fall to a level of 49.5, from a reading of 49.9 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3894, with the USD trading 0.12% higher from Friday’s close.
The pair is expected to find support at 1.3763, and a fall through could take it to the next support level of 1.3631. The pair is expected to find its first resistance at 1.3972, and a rise through could take it to the next resistance level of 1.4050.
Moving ahead, investors await the release of Canada’s building permits and housing starts data, scheduled to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
