During Friday’s trading session CAD/MXN traded within the range of 11.874-11.990 and closed at 11.877.
At 11:15 GMT today CAD/MXN was gaining 0.05% for the day to trade at 11.882. The pair touched a daily high at 11.895 at 9:35 GMT.
Technical view
Mexico’s annualized industrial production probably expanded 3.7% in April, according to the median forecast by experts, following another 0.7% increase in March. In monthly terms, nation’s industrial production probably rose 0.3% last month. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining and utilities. In case output expanded more than anticipated, this would have a bullish effect on the peso.
Insituto Nacional de Estadistica Y Geografia is expected to release the official report at 13:00 GMT.
Fundamental view
According to Binary Tribune’s daily analysis, in case CAD/MXN manages to breach the first resistance level at 11.953, it will probably continue up to test 12.030. In case the second key resistance is broken, the pair will probably attempt to advance to 12.069.
If CAD/MXN manages to breach the first key support at 11.837, it will probably continue to slide and test 11.797. With this second key support broken, the movement to the downside will probably continue to 11.721.
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