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USDCAD : Reversing its Surge After Downbeat US Data

(USDCAD : 4 Hour Chart)

USDCAD was rallying ahead of the ISM Manufacturing PMI report. On the 4 hour chart the pair found resistance at 1.0904 just after the release of the ISM US Manufacturing data. According to the data the manufacturing index unexpectedly fell to 53.2% last month from 54.9% in April missing the economist’s expectation for an increase to 55.7%. The new orders dropped 1.8 points to 51.9% which shows the second lowest reading since last summer. The slack in the data basically came from the slower growth in new orders and employment.

The nearest support the pair may find is at 1.0822. The trend still seems bearish as the 50 day SMA is below the 100 day SMA.