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USD/CAD edges higher after Canadian Ivey PMI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD edged slightly higher but overall remained well within its daily range as the loonie weakened following the release of below expectations Canadian manufacturing data.

    The Ivey Purchasing Manager PMI fell to 53.1 seasonally adjusted in October, from 53.7 the previous month and below the 54.0 expected.

    USD/CAD reacted positively but moderately climbing to the 1.3175 zone. At time of writing, the pair is trading at 1.3170, 0.17% above its opening price.

    Investors attention now turns to next key events, both Canada and US will release employment figures tomorrow.

    USD/CAD levels to consider

    In terms of technical levels, USD/CAD could find next resistances at 1.3192 (Oct 30 & Nov 4 highs), 1.3216 (61.8% Fibo of 1.3456-1.2831) and then 1.3237 (Oct 29 high). On the flip side, supports are seen at 1.3140 (Nov 5 low), 1.3067 (21-day SMA) and 1.3037 (Nov 3 low).
    For more information, read our latest forex news.

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