6 Apr 2015
USD/CAD steady after Ivey PMI
FXStreet (Córdoba) - USD/CAD remained little changed following the release of the latest string of US and Canadian data as investors continue to assess Friday’s nonfarm payrolls disappointment.
The Ivey Purchasing Managers Index was at 47.9 sa in March, indicating further contraction in purchasing activity in Canada. The PMI was below the estimate at 49.9 and last month at 49.7. Meanwhile, the US ISM non-manufacturing PMI inched lower to 56.5 in March, matching expectations.
However, USD/CAD barely reacted to data and continued to trade at the 1.2650 zone, recording a 0.24% loss on the day. The pair continues to trade near 2-week lows as the greenback remains pressured following dismal employment data.
USD/CAD levels to watch
As for technical levels, immediate supports are seen at 1.2428 (Apr 3 low) and 1.2410 (Mar 26 low), while resistances could be found at 1.2494 (daily high) and 1.2555 (50-day SMA).
The Ivey Purchasing Managers Index was at 47.9 sa in March, indicating further contraction in purchasing activity in Canada. The PMI was below the estimate at 49.9 and last month at 49.7. Meanwhile, the US ISM non-manufacturing PMI inched lower to 56.5 in March, matching expectations.
However, USD/CAD barely reacted to data and continued to trade at the 1.2650 zone, recording a 0.24% loss on the day. The pair continues to trade near 2-week lows as the greenback remains pressured following dismal employment data.
USD/CAD levels to watch
As for technical levels, immediate supports are seen at 1.2428 (Apr 3 low) and 1.2410 (Mar 26 low), while resistances could be found at 1.2494 (daily high) and 1.2555 (50-day SMA).