The Canadian Dollar (CAD) is broadly lower on Monday after May’s S&P Canadian Global Manufacturing Purchasing Managers Index (PMI) figures missed the mark.
Markets kick off NFP week pricing in a first Fed rate cut in November. Canada reveals unexpected downturn in Manufacturing PMI data. CAD traders will be gearing up for a midweek BoC rate call as NFP Friday looms. The Canadian Dollar is broadly lower on Monday after May’s S&P Canadian Global Manufacturing Purchasing Managers Index figures missed the mark. A similar miss in ISM US Manufacturing PMI s has left the Canadian Dollar and the US Dollar battling for second place.
The pair has been in a rough consolidation pattern since the beginning of May, but highs are drifting lower as CAD strength looks set to fade further. A long-term technical floor is still priced in at the 200-day Exponential Moving Average near 1.3560, and USD/CAD appears mired in congestion at the 50-day EMA near 1.3645. A move higher will see the pair grappling with 2024’s peak bids near 1.3850.
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