USDCAD Movement
On Friday, the USD rose 0.99% against the CAD to close at 1.1097.
The Canadian Dollar lost ground against the US Dollar after an official data from Canada showed that the number of employed people in the economy fell by 7,000 numbers in February, contradicting analysts’ estimate for an addition of 15,000 jobs and compared to 29,400 additions of jobs in the preceding month. However, the unemployment rate in Canada remained unchanged at previous month’s level of 7.0% in February, in-line with market estimates.
In the Asian session, at GMT0400, the pair is trading at 1.1122, with the USD trading 0.23% higher from Friday’s close.
The pair is expected to find support at 1.1025, and a fall through could take it to the next support level of 1.0928. The pair is expected to find its first resistance at 1.1171, and a rise through could take it to the next resistance level of 1.1220.
Market participants await Canada’s housing starts data scheduled later during the day, which is expected to register an improvement in February.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
