- USD/CAD broke resistance
- U.S. Flash Manufacturing and Services PMI
- World Economic Forum Annual Meetings Day 2
Price Movement
Since yesterday, USD/CAD has been moving upwards.
Trend
USD/CAD’s overall trend is downwards.
Macro Background
The Manufacturing PMI measures the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
The Services PMI measures the level of a diffusion index based on surveyed purchasing managers in the services industry.
(Note: PMI of above 50.0 implies industry expansion whereas a figure of below 50.0 implies industry contraction.)
Both PMIs are forecasted to be worse than previous.
If both PMIs turn out to be as or worse than expected, as long as the data are at least 50.0, there may not be any big movements.
Important Issue
Day 2 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.
Technical
Yesterday, USD/CAD broke the resistance level of 1.33351 and is currently moving towards the 1.34 level.
Price Levels
Current Price: 1.33574
Next Resistance: 1.35000
Next Support: 1.33351