USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 1.07% against the CAD to close at 1.3305, following the release of robust US non-farm payrolls data in October.
In economic news, Canada’s unemployment rate unexpectedly declined to 7.0% in October, from 7.1% in the previous month. Investors had expected it to remain steady at 7.1%. However, the nation’s building permits surprisingly fell by 6.7% MoM in September, compared to a revised 3.6% in the previous month. Market participants had anticipated it to rise 1.5%.
In the Asian session, at GMT0400, the pair is trading at 1.3286, with the USD trading 0.14% lower from Friday’s close.
The pair is expected to find support at 1.3189, and a fall through could take it to the next support level of 1.3093. The pair is expected to find its first resistance at 1.3351, and a rise through could take it to the next resistance level of 1.3416.
Going forward, market participants will concentrate on Canada’s housing starts data for October, scheduled to be released later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
