USDCAD Movement
On Friday, the USD traded marginally lower against the CAD to close at 1.2584. The CAD gained ground, after Canada’s jobs data surprised on the upside in March.
Data indicated that unemployment rate in Canada unexpectedly remained flat at 6.8% in March, compared to market expectations of a rise to 6.9%.
In other economic news, housing starts in the nation climbed to 189.70 K in March, compared to market expectations of a rise to a level of 175.00 K. In the previous month, housing starts had registered a revised reading of 151.20 K.
In the Asian session, at GMT0300, the pair is trading at 1.2614, with the USD trading 0.24% higher from Friday’s close.
The pair is expected to find support at 1.2563, and a fall through could take it to the next support level of 1.2511. The pair is expected to find its first resistance at 1.2667, and a rise through could take it to the next resistance level of 1.2720.
Going forward, investors keenly await the outcome of the BoC’s interest rate decision, scheduled later in the week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
