Opinion on the USD/CAD pair: Business activity data on Canada

The Canadian dollar maintains its position against the US dollar after the publication of data on business activity in Canada. According to published data by Ivey in Canada, business activity index (PMI) rose to 63.8 in October, exceeding the previous value of 59.6. However, the Canadian currency did not react to this statistics in any way. This dynamics of the pair USD/CAD is associated with a restrained dynamics of oil prices, as well as the absence of any catalysts for the movement of the US currency.

Technical analysis: The pair USD/CAD moves in a narrow range, which is held back by the resistance level of 1.2780. In the case of further growth of the pair, one should consider the resistance level at 1.2830; the main support levels at 1,2713; 1.2650.

Fig. Chart USD/CAD current price – 1.2771

Alexander Sivtsov