6 May 2015
USD/CAD extends decline on data, oil rise
FXStreet (Córdoba) - USD/CAD dropped further during the American session as the loonie got support from oil rally and upbeat domestic data while in contrast the greenback faced the pressure of a disappointing ADP report.
Canada’s Ivey Purchasing Managers Index was at 58.2 on a seasonally adjusted basis in April, up from 47.9 in March and beating expectations of 49.2. A read above 50 indicates an expansion of purchasing activity.
USD/CAD extended losses and printed a 3 ½-month low of 1.1939 in recent dealings. At time of writing, the pair was trading at 1.1960, still 0.87% below its opening price.
USD/CAD levels to watch
In terms of technical levels, immediate supports are seen at 1.1939 (daily low) and 1.1900 (psychological level). On the flip side, resistances are seen at 1.2000 (psychological level) and the 1.2081/86 zone (10-day SMA/daily high).
Canada’s Ivey Purchasing Managers Index was at 58.2 on a seasonally adjusted basis in April, up from 47.9 in March and beating expectations of 49.2. A read above 50 indicates an expansion of purchasing activity.
USD/CAD extended losses and printed a 3 ½-month low of 1.1939 in recent dealings. At time of writing, the pair was trading at 1.1960, still 0.87% below its opening price.
USD/CAD levels to watch
In terms of technical levels, immediate supports are seen at 1.1939 (daily low) and 1.1900 (psychological level). On the flip side, resistances are seen at 1.2000 (psychological level) and the 1.2081/86 zone (10-day SMA/daily high).