USD/CAD: Daily Technical Analysis For October 1, 2015

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Fundamental Analysis:

The U.S. dollar slipped lower against its Canadian counterpart on Wednesday, after data showed that Canada’s economy grew at a faster rate than expected in July.

Statistics Canada reported on Wednesday that the country’s GDP (gross domestic product) rose 0.3% in July, beating expectations for an increase of 0.2%. Canada’s economy grew by a rate of 0.4% in June, whose figure was revised from a previously estimated growth rate of 0.5%.


Technical Analysis:

Intraday bias remains on the downside as 21 and 55 EMA are crossed downward. Also SSRC and MACD oscillator is signalling bearish continuation in the pair. A break of 1.33058 support will confirm selling continuation and more fall to 1.32541 support.


Later in the day, investors would be watching closely the USD ISM Manufacturing PMI to keep track of the U.S economy.

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