6 May 2014
USD/CAD falls further after Ivey PMI
FXStreet (Córdoba) - The USD/CAD consolidates sharp losses at the 1.0900 area at the beginning of the American session, as the greenback remains on the defensive across the board.
Following a phase of sideways consolidation within 1.1000/1.0900, the USD/CAD finally broke to the downside and stretched to its lowest level in nearly a month at 1.0889 even after data showed Canada posted a smaller-than-expected trade surplus in March. Meanwhile, Canada's Ivey PMI came in at 54.1 versus 54.0 expected, adding some extra pressure on the pair.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at the 1.0900 area, 0.48% below its opening price. In terms of technical levels, the pair could find next supports at 1.0889 (May 6 low), 1.0857 (Apr 9 low) and 1.0815 (Jan 9 low). On the flip side, resistances are seen at 1.0960 (May 6 high), 1.0980 (10-day SMA) and 1.1000 (psychological level).
Following a phase of sideways consolidation within 1.1000/1.0900, the USD/CAD finally broke to the downside and stretched to its lowest level in nearly a month at 1.0889 even after data showed Canada posted a smaller-than-expected trade surplus in March. Meanwhile, Canada's Ivey PMI came in at 54.1 versus 54.0 expected, adding some extra pressure on the pair.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at the 1.0900 area, 0.48% below its opening price. In terms of technical levels, the pair could find next supports at 1.0889 (May 6 low), 1.0857 (Apr 9 low) and 1.0815 (Jan 9 low). On the flip side, resistances are seen at 1.0960 (May 6 high), 1.0980 (10-day SMA) and 1.1000 (psychological level).