USDCAD Movement
On Friday, the USD rose0.54% against the CAD to close at 1.3263.
The CAD weakened, after Canada’s unemployment rate unexpectedly climbed to 7.0% in August, from 6.8% recorded in July. However, net number of people employed in the Canadian economy advanced unexpectedly by 12.00 K in August, compared to a gain of 6.60 K in the prior month. Market expectations were for it to decline 5.00 K.
Other economic data showed that the Canadian Ivey climbed more than expected to a level of 58.0 in August, compared to previous month’s reading of 52.9.
In the Asian session, at GMT0300, the pair is trading at 1.3259, with the USD trading a tad lower from Friday’s close.
The pair is expected to find support at 1.3184, and a fall through could take it to the next support level of 1.3109. The pair is expected to find its first resistance at 1.3313, and a rise through could take it to the next resistance level of 1.3366.
Amid no economic releases in Canada today on account of a holiday, trading trends in the CAD would be determined by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
