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USD/CAD wavers above 1.4000 after manufacturing data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD fell briefly below 1.4000 as the loonie strengthened slightly following Canadian manufacturing data, but quickly bounced back to the mid-1.40s zone.

    USD/CAD slid to a session low of 1.3996 but failed to hold below the psychological level for long and climbed back to the 1.4050 area after mixed US PMIs reading. At time of writing, USD/CAD is trading at 1.4020

    While RBC Canadian manufacturing PMI came in at 49.3 in January, separated data showed US Markit PMI dropped to 52.4 vs 52.7 expected. Meanwhile, the ISM manufacturing PMI came in line with expectations at 48.2.

    USD/CAD levels to watch

    As for technical levels, next supports are seen at 1.3946 (Jan 28 low), 1.3900 (psychological level) and 1.3869 (50-day SMA). On the flip side, immediate resistances could be found at 1.4061 (Feb 1 high), 1.4121 (Jan 28 high) and 1.4155 (Jan 27 high).
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