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USD/CAD stronger on US slowdown

By FXstreet.com,  July 02, 2012, 10:20:00 AM EDT

FXstreet.com (Barcelona) - Very poor ISM figures in the US are triggering a risk-off momentum in favor of the greenback as a safe haven. Contractionary manufacturing PMI data at 49.7 in June and Prices Paid at 37.0 are hurting risk currencies such as the Loonie.

Having found support at 1.0150/60 area during the European session, the pair has now rallied to just beneath 1.0200, edging higher on the day.

Mataf.net analysts point to resistances at 1.0195, 1.0235 and 1.0265. On the downside, supports might be found at 1.0155, 1.0105 and 1.0055.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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