USDCAD Movement
On Friday, the USD declined 0.60% against the CAD to close at 1.0214. However, losses were capped as reports showed that Canada added the most jobs in a decade in May and also recorded a drop in its unemployment rate.
In Canada, employment rose by 95.0K in May, the biggest monthly increase in nearly a decade, while the unemployment rate slipped to 7.1% in May. Also, the labour productivity increased 0.2% in the Q1 2013.
In the Asian session, at GMT0300, the pair is trading at 1.0208, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.0155, and a fall through could take it to the next support level of 1.0102. The pair is expected to find its first resistance at 1.0271, and a rise through could take it to the next resistance level of 1.0334.
Trading trends in the pair today are expected to be determined by the housing starts data in Canada.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
