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1 Feb 2016
USD/CAD wavers above 1.4000 after manufacturing data
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).
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).