070720 USDCAD
A stronger activity in Canada is forecast in June
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Today will be released Canada Ivey PMI index for June. Expectations are a bounce to 43 from a 39.1 reading in May.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line drawn from Mid-March and by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3720. The nearest support would be set at horizontal support at 1.3490 and a second one would be set at 1.3300 (February overlap) in extension.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line drawn from Mid-March and by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3720. The nearest support would be set at horizontal support at 1.3490 and a second one would be set at 1.3300 (February overlap) in extension.
Source : TradingVIEW, Gain Capital
Today will be released Canada Ivey PMI index for June. Expectations are a bounce to 43 from a 39.1 reading in May.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line drawn from Mid-March and by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3720. The nearest support would be set at horizontal support at 1.3490 and a second one would be set at 1.3300 (February overlap) in extension.
From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line drawn from Mid-March and by its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3720. The nearest support would be set at horizontal support at 1.3490 and a second one would be set at 1.3300 (February overlap) in extension.
Source : TradingVIEW, Gain Capital
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