USD/CAD hovers near 1-month lows

USD/CAD continues to consolidate near 1-month lows despite weaker-than-expected Ivey PMI data released during the American session, as firmer oil prices underpinned the CAD.

USD/CAD moved slightly off its recent lows scored at 1.2759 after data showed the Canadian Ivey PMI came in at 49.4 in May, below the 51.5 expected. However, the upside was limited by the 1.2815 zone, continuing the pair to further consolidation. At time of writing, USD/CAD is trading at 1.2788, recording a 0.22% loss on the day.

USD/CAD technical levels

In terms of technical levels, next resistances are seen at 1.2838 (Jun 7 high), 1.2892 (50-day SMA) and 1.2982 (Jun 6 high). On the other hand, supports are seen at 1.2759 (Jun 7 low), 1.2696 (May 4 low) and 1.2606 (Apr 28 high).