USDCAD Movement
On Friday, the USD rose 0.37% against the CAD to close at 1.0971, after the Canadian labour market continued to disappoint with only 200 new jobs added during July. Market had expected an addition of around 24K jobs in the labour market in July, compared to an unexpected decline of 9400 jobs in June. However, the unemployment rate in Canada unexpectedly dropped to 7.0% in July, compared to previous month’s rate of 7.1%.
In the Asian session, at GMT0300, the pair is trading at 1.0973, with the USD trading a tad higher from Friday’s close.
The pair is expected to find support at 1.0925, and a fall through could take it to the next support level of 1.0876. The pair is expected to find its first resistance at 1.1004, and a rise through could take it to the next resistance level of 1.1034.
Trading trends in the CAD today are expected to be determined by the release of Canada’s housing starts, scheduled later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
