The US dollar strengthens following positive US data, with the currency pair USDCAD trading at 1.32891.
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- US Dollar gains momentum after US data.
The pair currently trades last at 1.32891.
The previous day high was 1.3262 while the previous day low was 1.3151. The daily 38.2% Fib levels comes at 1.3193, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3219, expected to provide support.
The USD/CAD broke above 1.3250 and climbed to 1.3299, reaching the highest level since July 10. The pair has left behind several days of sideways movement between 1.3250 and 1.3150.
Economic data from the US came in mixed, with the JOLTS job openings coming in below expectations in June at 9.58 million, against a consensus of 9.62 million. The ISM Manufacturing Index PMI rose from 46 in June to 46.4 in July, below the expected 46.8.
More US labor market data is due on Wednesday, with the ADP private employment report, and later on Thursday with the weekly Jobless Claims and Unit Labor Costs. On Friday, the US and Canada will release their official employment reports.
The US dollar remains strong after the data and has climbed to fresh highs versus commodity currencies. US Treasury yields edged higher despite the fact that the economic figures did not show positive surprises.
The outlook for USD/CAD is turning bullish as the pair holds above the critical resistance area of 1.3250. While above this level, more gains seem likely. The next resistance is the 1.3300/10 area, and above that is 1.3350.
The 1.3250 zone has now become the immediate support. A slide below this level would put the pair back in the familiar range. The next support stands at 1.3195.
Technical Levels: Supports and Resistances
USDCAD currently trading at 1.3298 at the time of writing. Pair opened at 1.319 and is trading with a change of 0.82 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3298 |
| 1 | Today Daily Change | 0.0108 |
| 2 | Today Daily Change % | 0.8200 |
| 3 | Today daily open | 1.3190 |
The pair is trading above its 20 Daily moving average @ 1.3216, below its 50 Daily moving average @ 1.3299 , below its 100 Daily moving average @ 1.3418 and below its 200 Daily moving average @ 1.3461
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.3216 |
| 1 | Daily SMA50 | 1.3299 |
| 2 | Daily SMA100 | 1.3418 |
| 3 | Daily SMA200 | 1.3461 |
The previous day high was 1.3262 while the previous day low was 1.3151. The daily 38.2% Fib levels comes at 1.3193, expected to provide support. Similarly, the daily 61.8% fib level is at 1.3219, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.314, 1.309, 1.303
- Pivot resistance is noted at 1.3251, 1.3311, 1.3361
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3262 |
| Previous Daily Low | 1.3151 |
| Previous Weekly High | 1.3255 |
| Previous Weekly Low | 1.3147 |
| Previous Monthly High | 1.3387 |
| Previous Monthly Low | 1.3093 |
| Daily Fibonacci 38.2% | 1.3193 |
| Daily Fibonacci 61.8% | 1.3219 |
| Daily Pivot Point S1 | 1.3140 |
| Daily Pivot Point S2 | 1.3090 |
| Daily Pivot Point S3 | 1.3030 |
| Daily Pivot Point R1 | 1.3251 |
| Daily Pivot Point R2 | 1.3311 |
| Daily Pivot Point R3 | 1.3361 |
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