USDCAD Sees Pullback Threats Ahead Of Canada Ivey PMI

Forex 659845

USDCAD: Sees Corrective Pullback Threats…

As long as 1.3170 resistance holds on a daily closing basis, the USDCAD remains in a corrective pullback mode and further down couldn’t be ruled out. Support comes at 1.3067 Level. A halt is likely, it may return to 1.3170 from here. However; a cut-through support will extend the corrective pullback to 1.3014 level, further down, support comes at1.2915 level.

On the upside, resistance comes at 1.3170 level. A break above that level will restore the upside momentum and aim 1.3275 level, further upside, resistance comes at 1.3392 level ahead of 1.3509 level.

Conclusion: The USDCAD remains exposed to the downside below 1.3170 level.

Today, Canada will report on the Ivey Purchasing Managers’ Index (PMI) at 15:00 GMT. You can follow here. The forecast is to rise 50.9, from 50.4 a month earlier. Above forecast is negative for USDCAD, while below forecast is positive. Anyway;

1- Any reading above 50.9 may expose 1.3067 and turn the focus on 1.3014 level.

2- Any reading below 50.9 will suggest possible rebound from 1.3067, but any upside will be limited below 1.31710 level…