USDCAD Stalls at 200-day MA
USDCAD trades 0.18% lower at 1.3264 dropping from three-week highs, after Canada ADP Employment Change came in at 49.3K topping forecasts of -30.6K in August. On the other side of the equation the United States Philadelphia Fed Manufacturing Survey came in at 12, beating expectations of 11 in September. The WTI crude price trades 1.14% higher at 58.70 per barrel.
USDCAD rejected earlier at 1.3306 the 200-day moving average and retreats close to daily lows at 1.3255 below the 100 day moving average. First support for the pair stands 1.3255 today’s low and then at 1.3215 the 50-day moving average. On the downside where traders had shifted their attention now, the pair formed a strong support zone at 1.3134 which tested successfully for three days in a row in early September. On the upside, immediate resistance stands at 1.3306 the daily high while more offers will emerge at 1.3344 the high from September 4th.