Canadian July Manufacturing PMI in sight

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By :  ,  Financial Analyst

Canadian July Manufacturing PMI in sight

As yesterday was a bank holiday in Canada, the July Markit Manufacturing PMI will be expected later today at 48.6, vs 47.8 in June. Tomorrow, June balance of Trades will be published. A deficit of CAD 900 million is expected.

From a technical point of view, on a daily chart, USD/CAD remains capped by a declining trend line in place since March and by its declining 50-day moving average (in blue). The daily RSI is reversing down below its neutrality area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3610. The nearest support would be set at June bottom at 1.3300 and a second one would be set at set at horizontal support at 1.3100 in extension.

Source: TradingView, GAIN Capital

Related tags: CAD Forex Forex

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