FXstreet.com (Barcelona) - The USD/CAD is trading to the downside on Tuesday and threatening an extension of 3-month lows as it poses to drop below Friday’s lowest point at 0.9980. The pair has already printed a low at 0.9976, but quickly retraced back.
Canada is expecting important data at 14:00 GMT, the Ivey PMI in July that is expected to drop sharply from 55.3 to 50.3, after the release of June building permits indicator (consensus of -3.6%) at 12:30 GMT.
“In order to strengthen the near-term structure a push back over 1.0085 is required”, wrote MIG Bank analyst Bijoy Kar, pointing a full retrace to 0.9800 if the USD/CAD fails to stay above the key low at 0.9954 (11 May).
Canada is expecting important data at 14:00 GMT, the Ivey PMI in July that is expected to drop sharply from 55.3 to 50.3, after the release of June building permits indicator (consensus of -3.6%) at 12:30 GMT.
“In order to strengthen the near-term structure a push back over 1.0085 is required”, wrote MIG Bank analyst Bijoy Kar, pointing a full retrace to 0.9800 if the USD/CAD fails to stay above the key low at 0.9954 (11 May).
