USD/CAD is looking lately to settle below 1. 2650, while the US dollar is under pressure against a giant basket of currencies.
The US dollar index is verified at point 94; if approved, it will move towards 93. 75, which will be bearish for USD/CAD.
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Today, the U. S. reported that non-public revenue sources increased by 0. 2% month-over-month in August, while non-public expenditures increased by 0. 8%.
Forex investors also had the opportunity to take a look at the final reading of the production PMI report which showed that the production PMI fell from 61. 1 in August to 60. 7 in September to the analyst consensus of 60. 5. 72. 8 in September, while analysts expected it to rise to 71.
Traders will also continue to monitor developments in commodity markets, which have a significant effect on the Canadian dollar. 800,000 barrels consistent with the day (bpd) of November. Currently, WTI oil is stuck between $74 and $76. Should WTI oil settle below the $74 point due to fears of an increase in OPEC production, the Canadian dollar would be under pressure.
USD vs. USD CAD is lately checking the point at 1. 2650. If this check passes, it will move to the next check at 50 EMA at 1. 2640.
A move below EMA 50 at 1. 2640 will push the USD towards the CAD towards 1. 2625. If the USD opposite the CAD manages to stabilize below this level, it will head towards the next one at 1. 2590.
On the upside, the closest resistance point between USD and CAD is at EMA 20 in 1. 2685. Si USD at CAD moves backwards above EMA 20, it will head towards the next resistance point at 1. 2710. pave the way for the next resistance at 1. 2730.
For a review of all of today’s economic events, check out our economic calendar.