USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the CAD and closed at 1.3237 on Friday.
Macroeconomic data showed that Canada’s unemployment rate advanced to 6.9% in December, in line with market expectations. In the previous month, the unemployment rate had registered a level of 6.8%. Nevertheless, the net number of people employed in the nation unexpectedly climbed 53.7K in December, recording the best annual growth since 2012 and defying market expectations for a decline of 2.5K. In the previous month, the net number of people employed increased 10.7K. Additionally, the nation recorded a surprise international merchandise trade surplus of C$0.5 billion in November, posting its first trade surplus since September 2014, as exports jumped and imports posted a modest gain. The country registered a revised trade deficit of C$1.0 billion in the previous month, while markets anticipated for a deficit of C$1.6 billion. Also, the nation’s seasonally adjusted Ivey PMI rose to a level of 60.8 in December, following a reading of 56.8 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3251, with the USD trading 0.11% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3194, and a fall through could take it to the next support level of 1.3138. The pair is expected to find its first resistance at 1.3287, and a rise through could take it to the next resistance level of 1.3324.
With no major economic releases in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
