During Friday’s trading session USD/CAD traded within the range of 1.0936-1.1004 and closed at 1.0973.
At 7:52 GMT today USD/CAD was losing 0.08% for the day to trade at 1.0962. The pair touched a daily low at 1.0957 at 5:50 GMT.
Fundamental view
Activity in United States’ sector of services probably rose to a six-month high in April, with the corresponding non-manufacturing PMI coming in at a reading of 54.1, according to expectations, from 53.1 in March. This is a compound index, based on the values of four equally-weighted components, that comprise it. These sub-indexes reflect seasonally adjusted new orders, seasonally adjusted employment, seasonally adjusted business activity and shipments.
Readings above the key level of 50.0 are indicative of expanding activity. In case market expectations are exceeded, US dollar would be boosted.
The Institute for Supply Management is scheduled to release official data at 14:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case USD/CAD manages to breach the first resistance level at 1.1006, it will probably continue up to test 1.1039. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1074.
If USD/CAD manages to breach the first key support at 1.0938, it will probably continue to slide and test 1.0903. With this second key support broken, the movement to the downside will probably continue to 1.0870.
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