TenkoFX - Analytics


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    USD/CAD sinks to1.2870 post-data

    The greenback is depreciating further vs. its Canadian peer on Friday, sending USD/CAD to fresh lows in the 1.2870 region.USD/CAD lower on data, oilSpot has reverted the initial positive momentum and has now sunk to weekly lows in the 1.2870 area after mixed results from the US manufacturing sector.In fact, the key ISM Manufacturing PMI has surpassed estimates at 53.2 in June, beating forecasts at 51.4 and May’s 51.3. On the other hand, Markit’s Manufacturing PMI has disappointed markets at 51.3 for the same period.In the meantime, crude oil prices are extending the bounce off daily lows, now sending the barrel of West Texas Intermediate to the mid-$48.00s, adding to CAD buying.USD/CAD significant levelsAs of writing the pair is retreating 0.34% at 1.2879 and a breach of 1.2674 (low Jun.23) would aim for 1.2651 (low Jun.6) and then 1.2458 (2016 low May 3). On the flip side, the next resistance aligns at 1.3058 (100-day sma) ahead of 1.3121 (high Jun.27) and then 1.3191 (high May 24).

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