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USDCAD Shrugging Off US PMI Weakness, Nears Key Support

CANADA
  • USDCAD is unwinding what little impact there was following the horrible US service PMI, only marginally reversing an earlier move lower that one desk had seen helped by US natural gas prices jumping.
  • The post-PMI rise had come as real yields nudged off lows and equities pulled back from an initial rise but that has quickly faded, with risk sentiment re-firming and a return to small GoC underperformance to Tsys that had been disrupted by retail sales momentum fading into June.
  • In touching a low of 1.2823 and currently 1.2838 (-0.2% on the day), it has cleared important support at the 50-day MA of 1.2854 and has come close to testing a key support at 1.2819 (Jun 28 low).

Source: Bloomberg

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  • USDCAD is unwinding what little impact there was following the horrible US service PMI, only marginally reversing an earlier move lower that one desk had seen helped by US natural gas prices jumping.
  • The post-PMI rise had come as real yields nudged off lows and equities pulled back from an initial rise but that has quickly faded, with risk sentiment re-firming and a return to small GoC underperformance to Tsys that had been disrupted by retail sales momentum fading into June.
  • In touching a low of 1.2823 and currently 1.2838 (-0.2% on the day), it has cleared important support at the 50-day MA of 1.2854 and has come close to testing a key support at 1.2819 (Jun 28 low).

Source: Bloomberg