USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose marginally against the CAD, on Friday, to close at 0.9812.
In the US, the non-farm payroll employment increased by 117,000 jobs in July, following an upwardly revised increase of 46,000 jobs recorded in June. Meanwhile, the unemployment rate declined to a rate of 9.1% in July, following an unemployment rate of 9.2% recorded in June.
In Canada, the Ivey Purchasing Managers’ Index (PMI), on a seasonally adjusted basis, fell to a reading of 46.8 in July, following a reading of 59.9 in June. The unemployment rate edged down to 7.2% in July, the lowest since December 2008, and from a rate of 7.4% recorded in June. Canadian economy added 7,100 jobs in July, compared to the 28,000 jobs added in the previous month. Additionally, on a monthly basis, the building permits increased 2.1% in June, following a 20.9% increase recorded in May.
In the Asian session at 3:00GMT, the pair is trading at 0.9814, flat from Friday’s close at 23:00 GMT.
The first area of short term resistance is observed at 0.9874, followed by 0.9933 and 1.0061. The first area of support is at 0.9746, with the subsequent supports at 0.9677 and 0.9549.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
