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USD/CAD declines to the intra-day low near 1.3320 ahead of Europe open on Monday. The Loonie pair stretched its previous dips as markets turned against the US Dollar in search of better returns from riskier assets. Traders may now focus on Bank of Canada’s (BOC) business outlook survey report and the US manufacturing data for fresh impulse.
Sellers refrained from considering Crude’s pullback as a negative factor as global markets welcomed Friday’s relief rally to portray risk-on during the Asian session. With this, safe-havens like the US Dollar, the Japanese Yen (JPY) and Gold were all trading southwards.
Barometer of global risk sentiment, 10-year US government bond yield, remained firm near 5.6%.
While USD weakness can be considered as a reason for the Loonie pair’s dip, a recent news report from Reuters that the US softens demands for China to reduce state industrial subsidies as a condition for a trade deal added optimism concerning commodity-linked currencies.
Quarterly report of BOC’s business outlook survey and the US NY Empire State manufacturing index could gain market attention for further directives. BOC can emphasis increase in crude prices as a positive to counter mixed data at home whereas the US manufacturing gauge may rise to 6.0 from 3.7.
USD/CAD Technical Analysis
Although 50-day simple moving average (SMA), at 1.3300, may again trigger the USD/CAD pair’s U-turn, a failure to do so can recall 1.3280 and 1.3250 supports ahead of highlighting 200-day SMA level of 1.3200.
Meanwhile, 1.3400 and 1.3440 can act as immediate resistances for the pair whereas 1.3470 and 1.3510 can become buyers’ favorites then after.
