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USD/CAD erases daily gains

FXStreet (Córdoba) - The USD/CAD fell to retest daily lows mildly weighed by better-than-expected Canada's Ivey PMI, resuming the slide following a limited bounce.

The USD/CAD reached a high of 1.0937 during the European session, but the greenback failed to sustain gains and came back under pressure, with the drop deepening after Canada's data. The Ivey PMI rose to 54.1 in July versus 53.0 expected, added to the appealing of the Loonie which strengthened earlier following an unexpected jump in Canadian building permits (+13.5% vs -2.0%).

USD/CAD levels

At time of writing, the USD/CAD is trading at 1.0913, virtually unchanged on the day, with immediate support at 1.0910 (Aug 7 low) and 1.0900 (psychological level). On the other hand, a rise beyond 1.0937 (Aug 7 high) could open the way toward 1.0985 (Aug 6 high).

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