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Aug 03 - 01:55 PM

USD/CAD - Off NorAm High After Soft US Data; Longs Pruned Pre-Payroll

By Paul Spirgel  —  Aug 03 - 11:35 AM
  • $CAD gains reversed, ends Europe -0.02% at 1.3345; Thurs range 1.3378-36

  • Soft U.S. PMIs, durables weigh on USD; bulls lighten long pre-NFP Friday

  • Reuters f/c U.S. NFP +200k vs +209 in June; f/c range 140k-300k

  • Effect of Payrolls data may be mooted given next Fed meeting in late Sept

  • Key resistance at 1.3374, 50% Fib of 1.3655-1.3093 probed, then faded

  • Above 1.3374 100-DMA at 1.3406 % 1.3457's 200-DMA attract

  • Support at 1.3334 lower 21-d Bolli, 1.3294 daily cloud base, 1.3241 10-DMA

Source:
Refinitiv IFR Research/Market Commentary

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