USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD to close at 1.0130, after US jobless claims increased unexpectedly in the last week.
In the Asian session, at GMT0300, the pair is trading at 1.0130, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0101, and a fall through could take it to the next support level of 1.0071. The pair is expected to find its first resistance at 1.0164, and a rise through could take it to the next resistance level of 1.0197.
Later today in Canada, investors expect the jobless rate for March to remain steady from where it had been in the two previous months i.e. at 7.0%. Moreover, the Ivey purchasing managers index is expected to show positive signs in March.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
