USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.25% against the CAD and closed at 1.3039.
Macroeconomic data indicated that Canada’s unemployment rate unexpectedly declined to 6.8% in June. Meanwhile, markets expected it to rise to 7.0%, following a reading of 6.9% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3041, with the USD trading marginally higher against the CAD from Friday’s close.
The pair is expected to find support at 1.2987, and a fall through could take it to the next support level of 1.2933. The pair is expected to find its first resistance at 1.3092, and a rise through could take it to the next resistance level of 1.3143.
Looking ahead, Canada’s housing starts data for June, slated to be released later today, will be on investor’s radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
