During yesterday’s trading session CAD/MXN traded within the range of 11.841-11.905 and closed at 11.880.
At 9:06 GMT today CAD/MXN was gaining 0.1% for the day to trade at 11.896. The pair touched a daily high at 11.897 at 8:05 GMT.
Fundamental view
Economic activity in Mexico probably jumped by 1.25% in February from a year earlier, according to the median analysts’ estimates. In January economic activity rose 0.83%. The economic activity index consists of three components: primary economic activities, which include activities such as extraction of natural resources and agriculture; secondary economic activities, which include industrial activity, and tertiary economic activities, which include services of all kinds.
The Mexican National Institute for Statistics and Geography (INEGI) is scheduled to release official data at 13:00 GMT today. A higher-than-projected gain in the economic activity will support peso’s demand.
Technical view
According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.910, it will probably continue up to test 11.940. In case the second key resistance is broken, the pair will probably attempt to advance to 11.975.
If CAD/MXN manages to breach the first key support at 11.845, it will probably continue to slide and test 11.811. With this second key support broken, the movement to the downside will probably continue to 11.781.
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