Sat, Mar 25, 2023 @ 17:13 GMT
HomeContributorsFundamental AnalysisCanada's Unemployment Rate Rose As Expected In March

Canada’s Unemployment Rate Rose As Expected In March

For the 24 hours to 23:00 GMT, the USD declined 0.06% against the CAD and closed at 1.3408 on Friday.

Macroeconomic data showed that unemployment rate in Canada registered a rise to 6.7% in March, meeting market expectations. In the previous month, the unemployment rate had recorded a reading of 6.6%. Meanwhile, the nation’s net number of people employed increased more-than-anticipated to a level of 19.4K in March, compared to a gain of 15.3K in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.342, with the USD trading 0.09% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3365, and a fall through could take it to the next support level of 1.3309. The pair is expected to find its first resistance at 1.3451, and a rise through could take it to the next resistance level of 1.3481.

Ahead in the day, traders would keep a close watch on Canada’s housing starts for March.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

GCI Financial
GCI Financial
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Featured Analysis

Learn Forex Trading