USD/CAD Drops to Lows ahead of ISM, API

USD/CAD Drops to Lows ahead of ISM, API

1 June 2016, 18:12
Roberto Jacobs
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USD/CAD Drops to Lows ahead of ISM, API

After briefly testing the 1.3100 neighbourhood, USD/CAD lost upside momentum and is now trading in the mid-1.3000s ahead of US data.

USD/CAD lower on USD-selling

The pair is snapping a 3-day positive streak today following a broad-based selling mood hurting the greenback, at the same time fading the earlier spike to the 1.3100 handle and retracing the up move to weekly tops near 1.3140 on Tuesday.

CAD is ignoring today’s poor performance from crude oil prices, with the barrel of West Texas Intermediate down more than 1% around $48.00 ahead of the API report due later in the NA session.

Today’s calendar includes Canadian manufacturing PMI tracked by RBC and US ISM Manufacturing followed by the Fed’s Beige Book.

USD/CAD significant levels

As of writing the pair is down 0.19% at 1.3069 facing the next support at 1.2928 (55-day sma) seconded by 1.2912 (high May 26) and then 1.2768 (low May 12). On the upside, a break above 1.3095 (high May 30) would expose 1.3191 (high May 24) and finally 1.3312 (38.2% Fibo of 1.4692-1.2458).

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