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Official Figures Might Have Overstated Jobless Rate Improvements In Cana

Published 05/14/2014, 02:45 AM
Updated 03/09/2019, 08:30 AM

USD/CAD Daily Chart

For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD to close at 1.0909.

On Tuesday, the Bank of Canada (BoC), in its semi-annual review report, revealed that official agencies in Canada and the US might have indicated an exaggerated improvement in the nations’ jobless rate than the actual conditions. The central bank further reported that the indicator capturing the unemployment rate in Canada declined 0.5 percentage point between 2010 and 2013 in Canada while the official figures showed that the indicators fell 0.9 percentage point. In the Asian session, at GMT0300, the pair is trading at 1.0907, with the USD trading a tad lower from yesterday’s close.

The pair is expected to find support at 1.0885, and a fall through could take it to the next support level of 1.0862. The pair is expected to find its first resistance at 1.0929, and a rise through could take it to the next resistance level of 1.0950.

Amid lack of economic releases from Canada, during the later course of the day, traders are expected to keep a close tab on global economic news for further cues in the currency pair.

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

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