USDCAD Movement
On Friday, the USD declined 0.81% against the CAD to close at 1.1333, following dismal non-farm payrolls data recorded by the US. The Canadian Dollar gained ground after Canada’s unemployment rate unexpectedly registered a drop for the second consecutive month in October to 6.5%, its lowest level since November 2008, beating market expectations for a rise to 6.9% and compared to 6.8% increase registered in the previous month. Additionally, net number of people employed in Canada recorded an unexpected increase of 43.1 K in October, higher than market expectations of a decline of 5.0 K jobs. The nation had recorded a gain of 74.1 K jobs in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.1317, with the USD trading 0.14% lower from Friday’s close.
The pair is expected to find support at 1.1269, and a fall through could take it to the next support level of 1.1220. The pair is expected to find its first resistance at 1.1408, and a rise through could take it to the next resistance level of 1.1498.
Meanwhile, investors look forward to Canada’s housing starts data, scheduled in a few hours from now.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
