USD/CAD risks breaking below 1.3300 mark despite stronger US data

• The USD selling remains unabated despite stronger Empire manufacturing index. • Bullish traders also seemed unimpressed by a follow-through pullbac  |  15/04/2019 13:55

   •  The USD selling remains unabated despite stronger Empire manufacturing index.
   •  Bullish traders also seemed unimpressed by a follow-through pullback in oil prices.
   •  Investors now eye BoC’s quarterly business outlook survey results for fresh impetus.

The USD/CAD pair finally broke down of its daily consolidative trading range and has now moved on the verge of breaking below the 1.3300 round figure mark.

The pair extended last week's rejection slide from just ahead of the 1.3400 round figure mark and met with some fresh supply for the second consecutive session on Monday amid persistent US Dollar selling bias. 

The greenback remained depressed on the back of the US President Donald Trump's latest criticism about the Fed's policy tightening, which reinforced market expectations that the central bank will hold steady through 2019.

This coupled with continuous improvement in the global risk sentiment further collaborated towards denting the greenback's relative safe-haven status and did little to lend any support to the major. 

Meanwhile, the USD bulls seemed rather unimpressed by stronger than expected release of Empire State Manufacturing Index, which jumped to 10.1 for April from 3.7 recorded in the previous month and 6 expected. 

Even a follow-through pullback in crude oil prices - now down over 1.0% for the day, which tends to undermine demand for the commodity-linked currency - Loonie, also did little to stall the ongoing downfall.

Moving ahead, market participants now look forward to the BoC's quarterly Business Outlook Survey results for some meaningful trading opportunities ahead of this week's other important macro data from the US and Canada.

Technical levels to watch

 

Share

Popular News

Show More Popular News

Sentiment

Open a Demo Account Open A Live Account

Losses can exceed deposits

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com