Posted 2/22/2024, 4:14:27 PM
USD/CAD Rebounds After Mixed Economic Data
- Markets churned after mixed US PMI data and Canadian retail sales on Thursday. USD/CAD drifted lower then recovered to near 1.3500.
- US services PMI underperformed at 51.3, while manufacturing PMI rose to 51.5. Canadian retail sales were also mixed.
- USD/CAD fell to 1.3440 support before rebounding. The pair is clinging to 1.3500 handle short-term.
- Key CAD drivers are interest rates, oil prices, economy, inflation, trade balance. BOC policy and US economy also impact.
- Technicals show USD/CAD recovering from December lows. Catching support from 200-day SMA currently at 1.3478.