Loonie Trading Lower, Ahead Of Canada’s Unemployment Rate Data

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD to close at 1.2856.

In economic news, Canadian building permits declined more-than-expected by 7.0% MoM in March, compared to market expectations for a fall of 4.4%. Building permits had advanced by 15.5% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2874, with the USD trading 0.14% higher from yesterday’s close.

The pair is expected to find support at 1.2812, and a fall through could take it to the next support level of 1.2751. The pair is expected to find its first resistance at 1.2909, and a rise through could take it to the next resistance level of 1.2944.

Moving ahead, market participants will look forward to the release of Canada’s unemployment rate and Ivey purchasing managers index data, both for the month of April, due later today.

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

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