USDCAD Movement
On Friday, the USD declined 0.47% against the CAD to close at 1.0983.
The Canadian Dollar advanced against its US counterpart after official data showed that the Canadian economy added 42,900 net new jobs in March, far more than analysts’ call for an addition of 22,500 jobs and compared to a loss of 7,000 jobs in February. Positive sentiment was also fuelled after Canada’s unemployment rate dropped to 6.9% in March, against economists’ projection for the unemployment rate to come in unchanged at previous month’s level of 7.0%. However, the gains in the Loonie were capped after another report showed that, on a seasonally adjusted basis, the Ivey purchasing managers’ index unexpectedly fell to a reading of 55.2 in March, from previous month’s reading of 57.2.
In the Asian session, at GMT0300, the pair is trading at 1.0975, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 1.0943, and a fall through could take it to the next support level of 1.0910. The pair is expected to find its first resistance at 1.1021, and a rise through could take it to the next resistance level of 1.1066.
Traders are expected to keep a tab on the outcome of the Bank of Canada’s business outlook survey for the first quarter, due later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
