USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.58% against the CAD and closed at 1.3283 on Friday.
Data indicated that Canada’s unemployment rate unexpectedly fell to a rate of 5.4% in May, marking its lowest level since 1976 and defying market consensus for an unchanged reading. The unemployment rate had recorded a reading of 5.7% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3273, with the USD trading 0.08% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3231, and a fall through could take it to the next support level of 1.3190. The pair is expected to find its first resistance at 1.3340, and a rise through could take it to the next resistance level of 1.3408.
Trading trend in the Loonie today, is expected to be determined by Canada’s housing starts for May and building permits for April, slated to release later in the day.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
