USDCAD Movement
On Friday, the USD declined 0.13% against the CAD to close at 1.0284. The Loonie recorded gains after Canada’s employment surged more than market expectations in February on gains by service industries, keeping the jobless rate at a four-year low.
On Friday, official data revealed that employment in Canada rose by 50.7K in February and labor productivity climbed 0.1% in the Q42012, while the unemployment rate remained unchanged at 7.0% in February, the lowest since December 2008. Separately, the seasonally adjusted annual housing starts rose to a level of 180.7K units in February.
In the Asian session, at GMT0400, the pair is trading at 1.0282, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0239, and a fall through could take it to the next support level of 1.0195. The pair is expected to find its first resistance at 1.0321, and a rise through could take it to the next resistance level of 1.0359.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
