USD/CAD drops to 1.3080 on data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is losing the grip vs. its Canadian neighbour on Monday, now sending USD/CAD to the area of 1.3080/75 following US data.

    USD/CAD turns negative near 1.3080

    The pair has left the area above the 1.3100 handle despite better-than-expected results from the US docket today. In fact, the critical ISM Manufacturing PMI has come in at 50.1 for the month of October, a tad better than the 50.0 initially forecasted albeit down from September’s 50.2.

    Further results saw the manufacturing PMI tracked by Markit at 54.1 vs. 54.0 anticipated, while Construction Spending advanced 0.6% from August to September vs. 0.5% expected.

    Back to Canada, RBC’s Manufacturing PMI eased a tad to 48.0 during the last month, down from 48.6 in the previous reading.

    USD/CAD levels to consider

    As of writing, the pair is now losing 0.02% at 1.3078 and a break below 1.3069 (61.8% Fibo of 1.3459-1.2827) would open the door to 1.3032 (100-day sma) and finally 1.2949 (5-month uptrend). On the flip side, the next hurdle aligns at 1.3310 (23.6% Fibo of 1.3459-1.2827) ahead of 1.3400 (psychological handle) and then 1.3459 (high Sep.29).
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