USDCAD Movement
On Friday, the USD declined 0.29% against the CAD to close at 1.1038, hurt by a lacklustre US non-farm payrolls data for January. Meanwhile, the Canadian Dollar benefitted from an official data which showed that the Canadian economy added 29,400 jobs in January, more than analysts’ estimate and compared to a net decline of 44,000 jobs in the previous month. Positive sentiment for the loonie was also fuelled after the nation’s unemployment rate in Canada fell more-than-expected to 7.0% in January, from a level of 7.2% registered in December.
In the Asian session, at GMT0400, the pair is trading at 1.1030, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 1.0971, and a fall through could take it to the next support level of 1.0913. The pair is expected to find its first resistance at 1.1083, and a rise through could take it to the next resistance level of 1.1137.
The Canadian Mortgage and Housing Corporation is expected to publish a report on Canada’s housing starts for January, later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
