Free Trial

USDCAD Tilts Lower After Soft ISM Report

  • USDCAD has drifted lower since the weak ISM report, touching a low of 1.3231 but still within Friday’s range amidst holiday-thinned trade with Canada Day.
  • It leaves CAD mid-pack on the day, underperforming high beta majors and outperforming elsewhere.
  • A bearish trend for the pair sees support at 1.3190 (Jun 28 low) before the key 1.3117 (Jun 27 low) whilst an extension of the corrective cycle could open 1.3277 (20-day EMA).
  • Over the weekend, GS rolled forward their USDCAD forecasts for 3, 6 and 12 months out to 1.34, 1.30, and 1.28 from 1.38, 1.34, 1.28 previously.

To read the full story


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.