7 Jul 2014
USD/CAD bounces back to highs on Canadian data
FXStreet (San Francisco) - The USD/CAD bounced hard from 1.0630 following a bad set of Ivey PMI data in June. The pair jumped 35 pips from lows to trade back at 1.0665.
Canada's Ivey Purchasing Managers Index slid further to 46.9 in June from 48.2 in May, expectations were about 52.5.
Currently, USD/CAD is trading at 1.0667, up 0.14% on the day, having posted a daily high at 1.0669 and low at 1.0627. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/CAD levels
Watching the weekly chart, “the pair is testing a 2-year bullish trend line off its September 2012 low at .9632, as well as the 38.2% retracement of this trend. This converging support area could lead to a bounce this week, especially if Canadian data generally misses expectations," comments Matt Weller from Forex.com.
Canada's Ivey Purchasing Managers Index slid further to 46.9 in June from 48.2 in May, expectations were about 52.5.
Currently, USD/CAD is trading at 1.0667, up 0.14% on the day, having posted a daily high at 1.0669 and low at 1.0627. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/CAD levels
Watching the weekly chart, “the pair is testing a 2-year bullish trend line off its September 2012 low at .9632, as well as the 38.2% retracement of this trend. This converging support area could lead to a bounce this week, especially if Canadian data generally misses expectations," comments Matt Weller from Forex.com.