USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD to close at 1.3387.
The CAD weakened, after Canada’s unemployment rate unexpectedly rose to 7.1% in November, from prior month’s level of 7.0%. Also, the net number of people employed surprisingly declined by 35.7K in November, compared to an increase of 44.4K in the previous month. Markets were expecting the net number of people employed to drop 10.0K.
On the other hand, the nation’s Ivey purchasing managers index unexpectedly rose to a level of 63.6 during the same month, against market expectations for it to ease to 53.0, after recording a reading of 53.1 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3398, with the USD trading marginally higher from Friday’s close.
The pair is expected to find support at 1.3338, and a fall through could take it to the next support level of 1.3278. The pair is expected to find its first resistance at 1.3438, and a rise through could take it to the next resistance level of 1.3477.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
