USD/CAD Daily Forecast – Canadian Dollar Starts The Week On A Strong Note

USD/CAD Daily Forecast – Canadian Dollar Starts The Week On A Strong Note

USD/CAD is currently trying to settle back below the support at 1.2130 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index did not manage to settle above the 50 EMA at 90.60 and moved below 90.50. The nearest support level for the U.S. Dollar Index is located at 90.30. If the U.S. Dollar Index gets to the test of this level, USD/CAD will find itself under more pressure.

Today, Canada reported that Manufacturing Sales declined by 2.1% month-over-month in April compared to analyst consensus which called for a decline of 1.1%. New Motor Vehicle Sales totaled 167,000 in April, mostly in line with the analyst forecast of 170,000.