USD/CAD breached the support at 1.3730 and moving short to 1.3600.
USD/CAD gained downside momentum as the U.S. dollar continued to lose ground against a broad basket of currencies.
The U.S. Dollar Index is trying to settle below the 98 level as the American currency is under pressure amid increased demand for riskier assets.
The U.S. Manufacturing PMI increased to 39.8 in May compared to 36.1 in April. Canada’s Manufacturing PMI also rebounded from 33 in April to 40.6 in May.
Numbers below 50 indicate contraction, but the rebound in PMI shows that economies are starting to recover from the acute phase of the coronavirus crisis.
Traders focused on the recovery from the coronavirus crisis, providing support to riskier currencies like the Canadian dollar.
Breakout Indicator signlling more short to come.
USD/CAD gained downside momentum as the U.S. dollar continued to lose ground against a broad basket of currencies.
The U.S. Dollar Index is trying to settle below the 98 level as the American currency is under pressure amid increased demand for riskier assets.
The U.S. Manufacturing PMI increased to 39.8 in May compared to 36.1 in April. Canada’s Manufacturing PMI also rebounded from 33 in April to 40.6 in May.
Numbers below 50 indicate contraction, but the rebound in PMI shows that economies are starting to recover from the acute phase of the coronavirus crisis.
Traders focused on the recovery from the coronavirus crisis, providing support to riskier currencies like the Canadian dollar.
Breakout Indicator signlling more short to come.