USDCAD Movement
On Friday, the USD declined 0.53% against the CAD to close at 1.2440.
On the macro front, unemployment rate in Canada remained unchanged at 6.8% in May, in line with market expectations. Meanwhile, the nation added 58.9 K jobs in May, compared to a fall of 19.7 K jobs in April. Markets were expecting number of employed people to advance to 10.0 K, thus raising expectations of an economic turnaround in Canada.
In the Asian session, at GMT0300, the pair is trading at 1.2463, with the USD trading 0.19% higher from Friday’s close.
The pair is expected to find support at 1.2407, and a fall through could take it to the next support level of 1.2350. The pair is expected to find its first resistance at 1.2542, and a rise through could take it to the next resistance level of 1.2620.
Moving ahead, market participants will monitor Canada’s housing starts and building permits data, scheduled later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
