USDCAD falls on better economic data
The Manufacturing Sales rose by a stronger than expected 2.4% for the month of January. The gains were led by primary metals, plastics and petroleum sales.
The USDCAD has come under pressure off the report as the price moves toward the low from Friday at the 1.0155 level. A break of the lows will bring back into focus the parity level 1.0000 for the USDCAD. The last time the USDCAD was at parity was in July 2008.
On the topside the resistance now come in at the 1.0183 level and above that the 2009 low price of 1.0205 remains key topside resistance (1.0214 and 1.0223 were 2010 lows prior to the last move lower last week and should also be resistance levels today).
Interim support may come at 1.0116 and 1.0074 areas. During July 2008 when the USDCAD was last at these levels, the 1.0116 level was a resistance high while the 1.0074 area was resistance than a support level. See the hourly chart from July 2008 below for these levels.
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