USD/CAD: Canada’s unemployment rate fell in July


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.55% against the CAD and closed at 1.3382 on Friday.

On the data front, Canada’s unemployment rate fell to 10.9% in July, compared to a rate to 12.3% in the prior month. Additionally, the Ivey Purchasing Managers’ Index unexpectedly climbed to 68.5 in July, defying market forecast for a drop to a level of 57.5 and compared to a reading of 58.2 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3379, with the USD trading marginally lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3332, and a fall through could take it to the next support level of 1.3286. The pair is expected to find its first resistance at 1.3412, and a rise through could take it to the next resistance level of 1.3446.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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