USDCAD Movement
On Friday, the USD rose 0.74% against the CAD to close at 1.0730.
The Loonie lost ground after disappointing jobs data from Canada and as crude prices declined. The unemployment rate rose to 7.1% in June, the highest in almost six months, compared to a rate of 7.0% in the previous month. Meanwhile, net number of people employed in Canada dropped surprisingly by 9.4K in June, following a rise of 25.8K recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0735, with the USD trading 0.05% higher from Friday’s close.
The pair is expected to find support at 1.0662, and a fall through could take it to the next support level of 1.0588. The pair is expected to find its first resistance at 1.0774, and a rise through could take it to the next resistance level of 1.0812.
Amid lack of economic data from Canada today, investors would shift their focus to the Bank of Canada’s latest interest rate announcement, which is scheduled on Wednesday.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
