USDCAD Test 1.3150 and Rebounds
USDCAD trades lower for one more today at 1.3191 as traders are dumping the US dollar after the dovish minutes from FED yesterday. Loonie got an extra boost from WTI crude oil rally at $57 per barrel. In U.S. macro data, the initial jobless claims fell by 6,000 to 216,000 for the week ended June 15, the Philadelphia Fed manufacturing index fell to just 0.3 in June worst than analyst’s expectations. In Canada, the ADP Employment Change declined to -16,000 in May from previous 61.700.
Bears are in full control as the pair lost yesterday the 100 day moving average and today broke the 1.32 support. Immediate support stands at 1.3150 the session low while more bids will emerge at 1.31 mark. A positive sign is that the pair managed to rebound up to 1.3190 after failed to break the 1.3150 zone. Immediate resistance for the pair stands at 1.33 the 50 hour moving average while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3354 the 100 day moving average.