USDCAD Movement
On Friday, the USD rose 0.19% against the CAD to close at 1.1863, after the US non-farm payrolls surprisingly increased above expectations in December.
In economic news, Canada’s unemployment rate remained steady at previous month’s level of 6.6% in December as anticipated. However, number of employed people unexpectedly eased by 4.3 K in December, following a fall of 10.7 K in the prior month, while markets were anticipating net number of people employed to rise 15.0 K.
Other economic data indicated that, Canadian building permits dropped 13.8% on a MoM basis in November, less than market expectations for a rise of 0.5%. It had risen by a revised 2.1% in October.
In the Asian session, at GMT0400, the pair is trading at 1.1844, with the USD trading 0.16% lower from Friday’s close.
The pair is expected to find support at 1.1802, and a fall through could take it to the next support level of 1.1759. The pair is expected to find its first resistance at 1.1889, and a rise through could take it to the next resistance level of 1.1933.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
