USDCAD Movement
On Friday, the USD rose 0.12% against the CAD to close at 1.0934, as the loonie came under pressure after data showed that Canada’s unemployment rate unexpectedly rose to 7.0% in May, as full-time employment fell by 29,100. However, despite the decline in full-time employment, the economy managed to add 25,800 of net new jobs in May, slightly more than market expectations for an addition of 25,000 jobs.
In the Asian session, at GMT0300, the pair is trading at 1.0930, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0908, and a fall through could take it to the next support level of 1.0885. The pair is expected to find its first resistance at 1.0951, and a rise through could take it to the next resistance level of 1.0971.
Later today, Canada’s housing starts data would be eyed for further cues in the Canadian Dollar.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
