USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.44% against the CAD to close at 1.2913.
In economic news, Canada’s unemployment rate remained steady at 7.1% in April, compared to investor expectations for it to rise to a level of 7.2%. Further, the net number of people employed in Canada recorded an unexpected drop of 2.1K in April, following an advance of 40.6K in the previous month. Markets were expecting the net number of people employed to rise by 1.0K.
On the other hand, the nation’s seasonally adjusted Ivey purchasing managers index advanced more-than-expected to a level of 53.1 in April, from a reading of 50.1 in the previous month and against market expectation for it to rise to a level of 52.5.
In the Asian session, at GMT0300, the pair is trading at 1.2930, with the USD trading 0.13% higher from Friday’s close.
The pair is expected to find support at 1.2860, and a fall through could take it to the next support level of 1.2789. The pair is expected to find its first resistance at 1.2977, and a rise through could take it to the next resistance level of 1.3024.
Moving ahead, investors will look forward to the release of Canada’s housing starts data for April, scheduled to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
