USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.27% against the CAD to close at 1.2755.
In economic news, Canada’s unemployment rate unexpectedly fell to 6.9% in May, the lowest level since July 2015, bolstering optimism over the Canadian economy. In the prior month, the unemployment rate had registered a reading of 7.1%. Meanwhile, the net number of people employed in Canada advanced 13.8K in May, following a loss of 2.1K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2796, with the USD trading 0.32% higher from Friday’s close.
The pair is expected to find support at 1.2699, and a fall through could take it to the next support level of 1.2602. The pair is expected to find its first resistance at 1.2850, and a rise through could take it to the next resistance level of 1.2904.
With no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
