Canada’s Unemployment Rate Fell To A Four-Decade Low In July

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.53% against the CAD and closed at 1.3120 on Friday.

Data showed that Canada’s unemployment rate declined to a rate of 5.8% in July, hitting its lowest level in 4-decades and beating market expectations for a fall to 5.9%. In the prior month, unemployment rate had registered a rate of 6.0%.

In the Asian session, at GMT0300, the pair is trading at 1.3164, with the USD trading 0.34% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3082, and a fall through could take it to the next support level of 1.3000. The pair is expected to find its first resistance at 1.3206, and a rise through could take it to the next resistance level of 1.3248.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

 

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