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Jul 22 - 01:55 PM

USD/CAD - Slides With UST Yields After Weak US PMIs

By Paul Spirgel  —  Jul 22 - 11:05 AM
  • USD/CAD slips 0.23% to 1.2834 after US PMI misses; Fri range 1.2897-25

  • US business activity contracts in July for 1st time in 2-yrs nZON005ZC3

  • PMI miss shifts Fed hike path expectations lower, $CAD follows US yields lwr

  • Key Fib at 1.2083 and 55-DMA at 1.2866 give way, close below favors declines

  • Support at daily cloud top 1.2799, 100-DMA at 1.2775

  • Res Friday high 1.2897, 21-DMA 1.2938, 10-DMA caps at 1.2958

Source:
Refinitiv IFR Research/Market Commentary

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