The USD/CAD pair halted losses after the Canadian manufacturing PMI printed at a weakest level in 21 months in January.
Recovery in Crude supports CAD
WTI crude prices have recovered to trade 0.25% higher at USD 48.36/barrel after having hit a low of USD 46.68/barrel earlier today. Consequently, the Canadian dollar recovered from the low of USD 1.2771 to hit a high of USD 1.2566. However, the CAD has eased-off slightly after the RBC Canadian manufacturing PMI came-in at 51.0; weakest since April 2003.
Meanwhile, the USD has not been able to recover losses after the final ISM manufacturing figure for January rose to 53.5, missing the expected print of 54.5.
USD/CAD Technical Levels
The pair currently trades 1.11% lower at 1.2590 levels. The immediate resistance is seen at 1.2623 (5-DMA) and 1.2669 (hourly 50-SMA) levels. Meanwhile, support is seen at 1.2566 (hourly 100-SMA) and 1.2460 levels.
Recovery in Crude supports CAD
WTI crude prices have recovered to trade 0.25% higher at USD 48.36/barrel after having hit a low of USD 46.68/barrel earlier today. Consequently, the Canadian dollar recovered from the low of USD 1.2771 to hit a high of USD 1.2566. However, the CAD has eased-off slightly after the RBC Canadian manufacturing PMI came-in at 51.0; weakest since April 2003.
Meanwhile, the USD has not been able to recover losses after the final ISM manufacturing figure for January rose to 53.5, missing the expected print of 54.5.
USD/CAD Technical Levels
The pair currently trades 1.11% lower at 1.2590 levels. The immediate resistance is seen at 1.2623 (5-DMA) and 1.2669 (hourly 50-SMA) levels. Meanwhile, support is seen at 1.2566 (hourly 100-SMA) and 1.2460 levels.
