USDCAD Movement
On Friday, the USD rose 0.40% against the CAD to close at 1.1432, following positive non-farm payrolls data in the US.
The CAD lost ground after Canada’s unemployment rate climbed to 6.6% in November, compared to a level of 6.5% registered in October, while markets were expecting it to rise 6.6%.
In the Asian session, at GMT0400, the pair is trading at 1.1445, with the USD trading 0.12% higher from Friday’s close.
The pair is expected to find support at 1.1394, and a fall through could take it to the next support level of 1.1343. The pair is expected to find its first resistance at 1.1487, and a rise through could take it to the next resistance level of 1.1528.
Going forward, market participants await Canada’s housing starts as well as building permits data, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
