USDCAD Movement
On Friday, the USD rose 0.78% against the CAD to close at 1.2789. The CAD lost ground, after Canada’s unemployment rate increased to 6.8% in February, higher than market expectations of an advance to 6.7% and compared to prior month’s level of 6.6%. Additionally, number of employed people in the nation fell by 1.0 K in February, following a gain of 35.40 K in the previous month, while markets were expecting a decline of 5.0 K.
In the Asian session, at GMT0400, the pair is trading at 1.2804, with the USD trading 0.11% higher from Friday’s close.
The pair is expected to find support at 1.2730, and a fall through could take it to the next support level of 1.2657. The pair is expected to find its first resistance at 1.2851, and a rise through could take it to the next resistance level of 1.2898.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
