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16 Sep 2015
USD/CAD reverses and hits fresh lows after US and Canada data
FXStreet (Córdoba) - USD/CAD surrendered gains and fell to retest daily lows following the latest string of US and Canadian data.
While US consumer price index came in the soft side, with the headline down 0.1% in August (0.0% expected) and the core rising 0.1%, in Canada July manufacturing sales climbed at a pace of 1.7% to CAD 52.19 billion, beating expectations of 1.1%.
USD/CAD dropped nearly 40 pips and fell to a fresh daily low of 1.3202 following the data. At time of writing, the pair is trading at 1.3211, down 0.26% on the day.
USD/CAD levels to watch
As for technical levels, next supports are seen at 1.3202 (Sep 16 low), 1.3175 (Sep 10 low) and 1.3154 (Sep 9 low). On the other hand, resistances line up at 1.3256 (Sep 16 high), 1.3279 (Sep 14 high) and 1.3309 (Sep 11 high).
While US consumer price index came in the soft side, with the headline down 0.1% in August (0.0% expected) and the core rising 0.1%, in Canada July manufacturing sales climbed at a pace of 1.7% to CAD 52.19 billion, beating expectations of 1.1%.
USD/CAD dropped nearly 40 pips and fell to a fresh daily low of 1.3202 following the data. At time of writing, the pair is trading at 1.3211, down 0.26% on the day.
USD/CAD levels to watch
As for technical levels, next supports are seen at 1.3202 (Sep 16 low), 1.3175 (Sep 10 low) and 1.3154 (Sep 9 low). On the other hand, resistances line up at 1.3256 (Sep 16 high), 1.3279 (Sep 14 high) and 1.3309 (Sep 11 high).