Forex: USD/CAD falls to 0.9842/44 after US data
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has continued its decline following the publication of US data Wednesday. The beleaguered cross already had been underperforming massively throughout European and American trading, following a bout of risk appetite that shackled the USD against its Canadian counterpart. At the time of writing, the pair has settled just above its session low (0.9835), trading at 0.9842/44.
In the United States, Construction Spending (MoM) contracted -0.3% in November, against consensus estimates of +0.6%. Meanwhile, the anticipated ISM Manufacturing PMI yielded a result of 50.7 in December, relative to expectations of only 50.2, and up from 49.5 in the previous month. Finally, ISM Prices Paid came in at 55.5 in the month of December, against projections of 52.0.
Technically speaking, the USDCAD is operating a staunch -0.92% below its opening prices. With that in mind, the cross has breached most calculated supports today, and now faces correction at 0.9825, according to Gareth Berry, a Research analyst at UBS.
In the United States, Construction Spending (MoM) contracted -0.3% in November, against consensus estimates of +0.6%. Meanwhile, the anticipated ISM Manufacturing PMI yielded a result of 50.7 in December, relative to expectations of only 50.2, and up from 49.5 in the previous month. Finally, ISM Prices Paid came in at 55.5 in the month of December, against projections of 52.0.
Technically speaking, the USDCAD is operating a staunch -0.92% below its opening prices. With that in mind, the cross has breached most calculated supports today, and now faces correction at 0.9825, according to Gareth Berry, a Research analyst at UBS.
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