OTTAWA: For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD and closed at 1.3280 on Friday. In economic news, Canada’s unemployment rate remained steady at 7.0% in September, in line with market expectations. Also, the nation’s seasonally adjusted Ivey PMI advanced to a level of 58.4 in September, compared to a reading of 52.3 in the prior month and beating market expectations for it to climb to a level of 53.5. Further, the nation’s net number of people employed surprisingly surged by 67.2K in September, adding the most number of jobs in more than four years, compared to market expectations of an advance of 7.5K and following a gain of 26.2K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3253, with the USD trading 0.2% lower against the CAD from Friday’s close. The pair is expected to find support at 1.3187, and a fall through could take it to the next support level of 1.312. The pair is expected to find its first resistance at 1.3316, and a rise through could take it to the next resistance level of 1.3378.
On account of a holiday observed in Canada today, trading trend in the CAD is expected to be determined by global macroeconomic news. The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
