5 Aug 2015
USD/CAD holds above 1.3100 and trims losses
FXStreet (Córdoba) - USD/CAD resumed the upside and trimmed daily losses as the greenback strengthened broadly following better-than-expected ISM PMIs.
Oil prices and the CAD failed to benefit from a largest than expected drop in US oil inventories (-4.40M versus -1.3M expected). USD/CAD dropped to a session low of 1.3109 weighed by disappointing ADP figures but bounced back to the 1.3180 zone underpinned by ISM services PMI, erasing most of intraday losses.
In terms of Canadian data, trade balance shrunk more than expected to CAD -0.48 billion versus CAD -2.8 billion.
USD/CAD key levels
At time of writing, USD/CAD is trading at 1.3170, 0.15% below its opening price, with immediate resistances seen at 1.3212 (2015 high Aug 5), 1.3250 (Aug 31 2004 high) and 1.3300 (psychological level). On the other hand, supports could be found at 1.3105 (Aug 4 low), 1.3056 (10-day SMA) and 1.3000 (psychological level).
Oil prices and the CAD failed to benefit from a largest than expected drop in US oil inventories (-4.40M versus -1.3M expected). USD/CAD dropped to a session low of 1.3109 weighed by disappointing ADP figures but bounced back to the 1.3180 zone underpinned by ISM services PMI, erasing most of intraday losses.
In terms of Canadian data, trade balance shrunk more than expected to CAD -0.48 billion versus CAD -2.8 billion.
USD/CAD key levels
At time of writing, USD/CAD is trading at 1.3170, 0.15% below its opening price, with immediate resistances seen at 1.3212 (2015 high Aug 5), 1.3250 (Aug 31 2004 high) and 1.3300 (psychological level). On the other hand, supports could be found at 1.3105 (Aug 4 low), 1.3056 (10-day SMA) and 1.3000 (psychological level).