USDCAD Movement
On Friday, the USD rose 0.43% against the CAD to close at 1.0175, as the Canadian economic data released alongwith the US data was disappointing.
Canadian unemployment rate rose to 7.2% for March, from 7.0% recorded earlier. Meanwhile, international merchandise trade balance recorded a deficit of C$1.02 billion in February, against market expectations for C$0.20 billion surplus.
In the Asian session, at GMT0300, the pair is trading at 1.0170, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0118, and a fall through could take it to the next support level of 1.0065. The pair is expected to find its first resistance at 1.0230, and a rise through could take it to the next resistance level of 1.0289.
Later in the day, the Bank of Canada (BoC) is scheduled to release its survey results on the business outlook in the nation.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
