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4 Oct 2013
USD/CAD slumps toward 1.0300 after Ivey PMI
FXstreet.com (Córdoba) - The Loonie strengthened and dragged USD/CAD to fresh daily lows just above 1.0300 after data showed Canadian Ivey PMI grew slightly below expectations in September.
However, as with most crosses in the FX markets USD/CAD drivers are mostly technical in the absence of major economic indicators, notably US non-farm payrolls. USD/CAD is currently trading at the 1.0305 area, recording a 0.2% loss on the day, but from a wider view, the Canadian dollar remains stuck in a narrow range.
USD/CAD technical levels
If USD/CAD breaks below 1.0300, next supports are seen at 1.0285 (Oct 1 low) and 1.0272 (Sep 30 low), while on the other hand, resistances could now be found at 1.0340 (Oct 3 & 4 highs) and 1.0355 (Oct 2 high).
However, as with most crosses in the FX markets USD/CAD drivers are mostly technical in the absence of major economic indicators, notably US non-farm payrolls. USD/CAD is currently trading at the 1.0305 area, recording a 0.2% loss on the day, but from a wider view, the Canadian dollar remains stuck in a narrow range.
USD/CAD technical levels
If USD/CAD breaks below 1.0300, next supports are seen at 1.0285 (Oct 1 low) and 1.0272 (Sep 30 low), while on the other hand, resistances could now be found at 1.0340 (Oct 3 & 4 highs) and 1.0355 (Oct 2 high).