- US ISM Manufacturing offsets positive NFP report, weight on US Dollar.
- USD/CAD fails one more time at 1.3200, remains above 1.3140.
The USD/CAD pair jumped toward 1.3200 after the release of the US employment report but then reversed and retreat further following the ISM Manufacturing numbers. Recently dropped to 1.3150 and as of writing trades at 1.3160, flat for the day and up a hundred pips from the level, it had a week ago.
Nonfarm Payrolls (NFP) rose by 128K in October, above the 89K expected, and September’s numbers were revised higher from 136K to 180K. The upbeat employment report was later offset by the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) Index that came in at 48.3 in October, it represents an improvement from September, but it was below market consensus of 48.9. “The US manufacturing sector is in recession due to weak global growth, trade tensions, and a strong dollar. There is little reason to expect an imminent turnaround with more support from the Federal Reserve likely needed”, explained ING analysts.
The Greenback reversed against majors after the Manufacturing report, falling to fresh lows. The DXY drop to test October lows below 97.20, while equity prices in Wall Street extended gains.
Double top in USD/CAD?
The pair again reversed course at the 1.3200 area, showing a potential double top formation. The neckline could be seen around 1.3140. So a consolidation below the mentioned level could target levels under 1.3100. Still, USD/CAD continues to move in the 1.3140/1.3200 range. A break above 1.3200 would signal more gains ahead.
|Today last price||1.3153|
|Today Daily Change||-0.0011|
|Today Daily Change %||-0.08|
|Today daily open||1.3164|
|Previous Daily High||1.318|
|Previous Daily Low||1.3136|
|Previous Weekly High||1.3139|
|Previous Weekly Low||1.3052|
|Previous Monthly High||1.3349|
|Previous Monthly Low||1.3042|
|Daily Fibonacci 38.2%||1.3163|
|Daily Fibonacci 61.8%||1.3152|
|Daily Pivot Point S1||1.314|
|Daily Pivot Point S2||1.3116|
|Daily Pivot Point S3||1.3096|
|Daily Pivot Point R1||1.3184|
|Daily Pivot Point R2||1.3204|
|Daily Pivot Point R3||1.3228|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.