USDCAD Movement
On Friday, for the 24 hours to 23:00 GMT, USD declined 0.55% against the CAD to close at 0.9641.
The US Labor Department reported that the nonfarm payrolls in the March climbed 216,000, higher than expected, while the nation’s unemployment rate dipped to 8.8% from February’s 8.9%. Additionally, Institute for Supply Management reported that its manufacturing PMI in the US fell to 61.2 in March, from 61.4 in February. Moreover, construction spending in the US dropped 1.4% to a seasonally adjusted annual rate of $760.56 billion in February, the third straight monthly decline and the lowest level since October 1999.
In the Asian session at 3:00GMT, the pair is trading at 0.9628, 0.13% lower from the New York session close.
The first area of short term resistance is observed at 0.9680, followed by 0.9733 and 0.9815. The first area of support is at 0.9598, with the subsequent supports at 0.9569 and 0.9487.
Trading trends in the pair today are expected to be determined by Business Outlook Future Sales and Bank of Canada Senior Loan Officer Survey in Canada, due to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
