Free Trial

USDCAD Lifts Back To Joint Highs Despite CAD PMI Increase

CANADA
  • USDCAD has seen a renewed lift back to joint recent highs of 1.3892 touched both yesterday and earlier today.
  • The level marks the latest clearance of resistance with the next notable level seen at 1.3977 (Oct 13, 2022 high). Technical trends suggest bulls remain in the driving seat, but a continued lift in risk sentiment could see a push closer to support at 1.3790 (Oct 26 low).
  • The Canadian mfg PMI may have lifted to a three-month high of 48.6 but it chalked up its sixth month in contractionary territory and with higher input prices and recession fears driving the outlook index to its lowest since May’20.
  • US final PMI and more notably JOLTS/ISM mfg still to come.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.