Canadian Dollar hits eight-week low after US PMI surge.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Canadian Dollar hits eight-week low after US PMI surge.
• Canada sees BoC Governor Macklem slated for Tuesday.
• US Fed policymaker statements weigh on Monday markets.

The Canadian Dollar (CAD) is broadly lower on Monday after a broad market dogpile into the US Dollar (USD) after US ISM Services Purchasing Managers Index (PMI) figures came in well above expectations. Additionally, mixed comments from US Federal Reserve (Fed) policymakers risk investor outlooks, hampering risk appetite.

Bank of Canada (BoC) Governor Tiff Macklem is slated to speak and answer questions regarding monetary policy transmission in Quebec on Tuesday, leaving the Canadian Dollar absent meaningful domestic releases on Monday.

The Canadian Dollar (CAD) sees broad losses on Monday as the Loonie sheds weight against nearly all of its major currency peers in the new trading week. The CAD is sharply lower against the US Dollar, down half a percent on Monday, with the CAD shedding a third of a percent against the Japanese Yen (JPY) and a quarter of a percent against the New Zealand Dollar (NZD). Despite broad selling pressure, the CAD still gained a quarter of a percent against the Pound Sterling (GBP), Monday’s weakest-performing currency, forcing the Canadian Dollar to settle for second-worst.

The Canadian Dollar’s declines on Monday sees the USD/CAD testing back over the 1.3500 handle, running into near-term technical resistance at familiar intraday swing highs near 1.3540.

Monday’s USD/CAD surge sees the pair trading back into the high end of the 200-day Simple Moving Average (SMA) below the 1.3500 handle, and the pair is pushing into eight-week highs with an immediate technical ceiling weighing down from 1.3600.

[/s2If]

The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.

The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group