Loonie Trading Lower This Morning, Ahead Of Building Permits Data
GCI Financial | Sep 08, 2014 01:57AM ET
On Friday, the USD is trading flat against the CAD to close at 1.0882.
In economic news, Canada’s unemployment rate in August remained unchanged from the previous month at 7.0%. However, the number of people employed in the nation unexpectedly dropped by 11.0K in August, compared to a gain of 41.7K in July. Market anticipations were for the economy to add 10.0K jobs. Also, the participation rate advanced to 66.0% in August, lower than market expectations for an advance to 66.1%. Additionally, the Canadian Ivey PMI, on a seasonally adjusted basis, declined to 50.9 in August, lower than market expectations of a rise to a level of 55.3 and compared to 54.1 registered in July.
In the Asian session, at GMT0300, the pair is trading at 1.0888, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 1.0851, and a fall through could take it to the next support level of 1.0813. The pair is expected to find its first resistance at 1.0915, and a rise through could take it to the next resistance level of 1.0941.
Trading trends in the CAD today are expected to be determined by Canada’s building permits, scheduled later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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