USD/CAD grinds lower below 1.2870 on a slow trading day By christianborjon USDCAD Majors Macroeconomics Technical Analysis
The USD/CAD is subdued, though shy of the 1.2880s figure, after reaching a daily high above 1.2900 on Monday.
The Canadian S&P Global Manufacturing PMI for June fell to its lowest reading in 17 months, missing estimations. The BoC Business Survey revealed that inflation expectations are skewed to the upside, above the 3% threshold, and will last longer than expected.Thebounces off the 50-day EMA at 1.2830 and approaches the 1.2870 mark on Monday’s trading session, characterized by thin liquidity conditions as North American traders are on a long holiday in the observance of the US Independence day. At 1.2867, the USD/CAD is down 0.11% at the time of writing.
Sentiment is mixed, slightly tilted risk-on. In the FX complex, safe-haven peers remain heavy, except for the greenback, which is up against its major counterparties. Thedropped to its lowest level in 17 months, to 54.6 from 56.8. According to Shreeya Patel, an S&P Global Market Intelligence economist, “Global supply issues and steep price pressures were at the heart of the issue and are expected to continue to disrupt the manufacturing economy this year.
The USD/CAD edged lower, but as the North American session advanced, the major gained ground and reached a daily high at around 1.2902 before retracing to the 1.2870s amidst the lack of fresh impetus, which could threaten USD/CAD sellers around the 1.2900 mark.
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