USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.10% against the CAD to close at 1.3000.
The CAD gained ground, after Canada’s unemployment rate surprisingly fell to 7.1% in March, from a three-year high level of 7.3% in the previous month. Investors were expecting the unemployment rate to remain steady. Meanwhile, the net number of people employed climbed by 40.6K in March, compared to a fall of 2.3K in the prior month, while market expectation was for it to rise by 10.0K.
In other economic news, Canada’s seasonally adjusted housing starts registered a drop to a level of 204.3K in March, compared to market expectations of it to fall to a level of 190.0K. In the previous month, housing starts had recorded a revised level of 219.1K.
In the Asian session, at GMT0300, the pair is trading at 1.2984, with the USD trading 0.13% lower from Friday’s close.
The pair is expected to find support at 1.2917, and a fall through could take it to the next support level of 1.2850. The pair is expected to find its first resistance at 1.3086, and a rise through could take it to the next resistance level of 1.3188.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
