USD/CAD retests Friday’s highs after manufacturing data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD advanced a few pips further and retested last week’s highs as the loonie weakened following a disappointing reading from the manufacturing sector.

    Canadian manufacturing sales fell 1.5% to seasonally adjusted CAD 51.08 billion in September, missing by far expectations of a 0.2% increase. August’s data were also revised to indicate sales dropped 0.6%, compared with an estimate of a 0.2% decline initially reported.

    In the US, the NY manufacturing index also came in below expectations at -10.74 versus -6.00 expected.

    USD/CAD climbed to a peak of 1.3349 but once again it found resistance and quickly pulled back to pre-data levels around 1.3330-40. At time of writing, the pair is trading at 1.3335, still up 0.14% on the day.

    USD/CAD technical levels

    As for technical levels, immediate resistances are seen at 1.3349 (Nov 16 & 13 high), 1.3400 (psychological level) and 1.3415 (Sep 24 high). On the other hand, supports could be faced at 1.3289 (Nov 16 low), 1.3266 (Nov 13 low) and 1.3243 (10-day SMA).
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