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USD/CAD breaks below 1.1200 after Canadian data

FXStreet (Córdoba) - The loonie rose across the board following the release of economic data from Canada. USD/CAD broke below 1.1200 and fell to 1.1185, reaching a fresh daily low. The Ivey PMI index rose from 50.9 to 58.6 in September; analysts were expecting an increase to 53.0.

The pair is trading near daily lows, at the same level it had before the release of the US employment report last Friday. The loonie is among the best performers on Monday.

USD/CAD outlook still bullish

The pair is retragin on Monday but the main trend still point to the upside. “Overall, we remain bullish on the outlook for USDCAD; trend momentum indicators are bullish across a range of timeframes and that will limit counter-trend corrections near-term at least”, mentioned the Rates, FX and Commodities Research Team at TD Securities.

To the downside, a firm support lies around the 1.1175/80 area while to the upside, the resistance continues to lie at 1.2777, according to analysts at TD Securities.

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FXStreet Chief Analyst Valeria Bednarik observes that the USD is correcting some of its recent gains in slow Monday trading.
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