USD/CAD pares daily gains, trades below 1.2300 ahead of PMI data

  • USD/CAD trades in a relatively tight range on Monday.
  • US Dollar Index pushes lower toward 91.00 after Friday's rally.
  • Focus shifts to Manufacturing PMI data from Canada and US.

The USD/CAD pair lost nearly 200 pips last week as the upbeat macroeconomic data releases from Canada and rising crude oil prices provided a boost to the CAD. At the start of the week, the pair staged a technical rebound and rose to 1.2320 area before losing its traction. As of writing, the pair was virtually unchanged on the day at 1.2287.

Eyes on US and Canada Manufacturing PMI

The risk-positive market environment is making it difficult for the greenback to attract investors on Monday. The US Dollar Index, which rose more than 0.7% on Friday, is currently losing 0.22% on a daily basis at 91.10.

On the other hand, the barrel of West Texas Intermediate is posting modestly daily gains around $63.50, helping the CAD stay resilient against its American counterpart.

Later in the session, the IHS Markit will release the April Manufacturing PMI figures for both the US and Canada. The ISM Manufacturing PMI will be featured in the US economic docket as well. Finally, FOMC Chairman Jerome Powell will be delivering a speech at 1820 GMT.

In the meantime, the S&P 500 Futures are up 0.5%, suggesting that risk flows are likely to continue to dominate the financial markets in the second half of the day.

Technical levels to watch for


Today last price 1.2289
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 1.2289
Daily SMA20 1.2488
Daily SMA50 1.2542
Daily SMA100 1.2643
Daily SMA200 1.2903
Previous Daily High 1.2323
Previous Daily Low 1.2266
Previous Weekly High 1.2491
Previous Weekly Low 1.2266
Previous Monthly High 1.2654
Previous Monthly Low 1.2266
Daily Fibonacci 38.2% 1.2301
Daily Fibonacci 61.8% 1.2288
Daily Pivot Point S1 1.2262
Daily Pivot Point S2 1.2236
Daily Pivot Point S3 1.2206
Daily Pivot Point R1 1.2319
Daily Pivot Point R2 1.2349
Daily Pivot Point R3 1.2376



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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD rises toward after US retail sales miss estimates

EUR/USD is holding onto its gains above 1.21 after the US reported no change in April's retail sales, below 1% expected. The Control Group plunged by 1.5%. The dollar is falling across the pond. US Consumer Sentiment missed with 82.8, yet inflation expectations surged to 4.6%.


GBP/USD trades below 1.41 after US consumption data

GBP/USD is trading above 1.4050, benefitting from the better market mood. Sterling is shrugging off worries about the spread of new virus variants, which may delay the reopening. US retail sales missed estimates, causing jitters. 


XAU/USD rallies back closer to multi-month tops, around $1,840 region

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. 

Gold News

Dogecoin bulls hold the key for 40% gains

Dogecoin price is at a pivotal point, resulting in a 40% upswing or 30% sell-off. A swift surge beyond $0.522 and a retest of this level confirms a bullish outlook. If DOGE slices through the $0.351, it will put an end to the optimistic narrative.

Read more

AMC Entertainment Holdings surges on triangle breakout, targets $14.54 and $20

AMC has done it again and in the process is stealing the GameStop crown. Supposedly a movie about the whole GameStop saga is in the works, but if AMC has its way it will be stealing the show. Coming to an AMC theatre near you: "AMC to the moon". AMC closed Thursday at $12.77 for a nice gain of 23.7%, thank you very much.

Read more