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USD/CAD losses continue, drops below 1.33

The Canadian dollar has started the week in positive territory, continuing last week’s upward trend. In the European session, USD/CAD is trading at 1.3271, down 0.27% on the day. Last week, the Canadian dollar was up 0.59%, its first winning week in a month.

US Manufacturing PMI accelerates

There was good news from the services sector on Monday. the ISM Services PMI rose to 57.8 in September, up from 56.9 beforehand. This marked expansion in services for a fourth straight month, which is an encouraging sign that the US economic recovery is gaining traction. The September reading was well into expansionary territory, above the neutral 50-level separating contraction from expansion.

This week’s market-movers

Canada releases its first event of the week on Tuesday, with the publication of Trade Balance. The country consistently shows monthly trade deficits, and the August release showed a deficit of C$2.5 billion, matching the estimate. Later in the week, the Federal Reserve releases the minutes of its last policy meeting, which will provide a look at how optimistic policymakers are about the economy. The week wraps up with key Canadian employment numbers.

Optimism flows through oil and gold markets [1]

US Open – Some good news to start the week [2]

 

USD/CAD Technical

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Kenny Fisher

Kenny Fisher [6]

Market Analyst at OANDA [7]
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

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