USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.84% against the CAD, on Friday, to close at 0.9964.
Loonie declined after Canadian labour productivity data showed that employers had unexpectedly cut jobs in August for the first time in five months.
The Canadian economy lost 5,500 jobs in August, declining from the prior expansion of 7,100 jobs in July. The unemployment rate rose to 7.3% in August compared to 7.2% in the previous month. Additionally, the housing starts fell 9.7% to an annual rate of 184,700 in August.
In the Asian session at 3:00GMT, USD is trading at 0.9990, 0.26% higher against the Canadian dollar from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 1.0033, followed by 1.0077 and 1.0205. The first area of support is at 0.9905, with the subsequent supports at 0.9821 and 0.9693.
The currency pair is trading above its 20 Hr and its 50 Hr moving averages.
