USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD declined 0.25% against the CAD to close at 0.9787.
The Canadian Dollar rose after reports showed that the Canadian economy added significantly more jobs than forecast in September. The net change in employment rose by 52,100 in September, against the expected 10,000. Meanwhile, unemployment rate in Canada rose to 7.4% in September, up from 7.3% in the previous month. Additionally, Canadian building permits rose to a seasonally adjusted annual rate of 7.9% in August, from 2.8% drop in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 0.9777, with the USD trading 0.10% lower from Friday’s close.
The pair is expected to find support at 0.9737, and a fall through could take it to the next support level of 0.9698. The pair is expected to find its first resistance at 0.9814, and a rise through could take it to the next resistance level of 0.9852.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
