USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.3076 on Friday.
Data showed that Canada’s unemployment rate advanced to 5.5% in June, meeting market expectations. The unemployment rate stood at 5.4% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3074, with the USD trading slightly lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3039, and a fall through could take it to the next support level of 1.3004. The pair is expected to find its first resistance at 1.3123, and a rise through could take it to the next resistance level of 1.3172.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
