USDCAD at Fresh Two-Month Highs

USDCAD trades 0.14% higher at 1.3340 making fresh two month highs amid USD strength across the board. Manufacturing sales in Canada fell 1.2% in June below expectations of -1.7%, the Manufacturing Shipments (month over month) came in at -1.2% topping forecasts of -1.7% in June. Crude oil, Canada’s main export product is 1.12% lower at $55.51 per barrel. The USD index is trading 0.05% higher at 98.41 as the US trading session takes shape.

The momentum is positive for the pair, having hit the daily high at 1.3345 and the daily low at 1.3307. Bulls are in control of the short term trend as the pair trades above all major moving averages and today tested successfully the 100 and 200 day moving averages. Immediate resistance for the pair stands at 1.3345 today’s high, and then at 1.3382 the high from June 19th. On the downside first support stands at 1.3307 today’s low and then at 1.3297 the 100 day moving average, which if broken might open the way for a move down to 1.3183 the 50 day moving average. Long positions might be safe as long as the pair trades above the 1.33 mark.Don’t miss a beat! Follow us on Telegram and Twitter.

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