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USD/CAD] news
''The [USD/CAD] traded weaker for most part of the session reaching an intraday low of 1.0052 as mkt players kept to the sidelines ahead of the Lunar New Year holidays. However, the release of the IVEY PMI later tonight presents a significant event risk for the pair after last month's disappointing print of 45.9 the first reading under the boom/bust 50 lvl since Dec 2006. That reading saw the pair chalking up huge gains but stop short of the 200D moving avg resis at 1.0376 before retreating back towards the 0.9900 lvl but solid support at 0.9880 prevented further erosion. With mkts pricing in another Fed cut in Mar, a stronger than f/c reading will send the pair tumbling as it may lessen a need for the BOC to cut rates again. However, a weaker reading will see a sharp rally as that will heightened speculation that the BOC may have to be aggressive in cutting rates to stave off an econ slowdown. ''
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