USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, USD declined marginally against the CAD to close at 1.0272
The Loonie rose after the Canadian economy created a modest but better-than-expected 7,700 jobs in May, against the market expectation of 5,000 jobs. However, unemployment rate in the nation stood unchanged at 7.3% in May. Separately, international merchandise trade deficit in Canada widened to C$0.37 billion in April, against the market expectation of C$0.18 billion trade surplus.
In the Asian session, at GMT0300, the pair is trading at 1.0216, with the USD trading 0.54% lower from Friday’s close, as risk appetite increased following news that Spanish banking sector would be given a capital injection of up to €100 billion.
The pair is expected to find support at 1.0163, and a fall through could take it to the next support level of 1.0110. The pair is expected to find its first resistance at 1.0312, and a rise through could take it to the next resistance level of 1.0408.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
