Regardless of a set of sub-par Sturdy Items (Nov.) numbers and agency WTI pricing, the Dollar is gaining floor on the Loonie. Going into the midpo
Regardless of a set of sub-par Sturdy Items (Nov.) numbers and agency WTI pricing, the Dollar is gaining floor on the Loonie. Going into the midpoint of the U.S. session, the USD/CAD is up barely. Consequently, two key ranges of day by day topside resistance have come into play.
Immediately’s pre-market hours featured figures from November’s U.S. manufacturing sector. All in all, issues didn’t look too good:
Occasion Precise Projected Earlier
Durable Goods Orders (Nov.) -2.0% 1.5% 0.2%
Nondefense Capital Items Orders (Nov.) 0.1% 0.2% 1.1%
To summarize, Sturdy Items missed the mark badly and Nondefense Capital Items Orders additionally slumped final month. Nevertheless, the U.S. housing sector confirmed indicators of development. New Residence Gross sales (MoM) grew by 1.3% in November, punctuating a powerful fall season for actual property.
Except for the U.S. metrics, the important thing market driver in right now’s USD/CAD market was Canadian GDP (Oct.). The report got here in at -0.1%, beneath expectations of 0.0%. Though solely a month-to-month determine, the destructive information has the Loonie in a holding sample.
USD/CAD Challenges Topside Resistance
For the previous two…