Canadian Dollar finds room against softer Greenback post- PMI . Canada Retail Sales due Wednesday ahead of Thursday’s US GDP. Despite PMI gains, CAD upside remains limited as Crude Oil softens further. The Canadian Dollar stepped higher against the US Dollar after US Purchasing Managers Index figures came in softer than expected.
3660, and further down is approaching a significant demand zone near 1.3600. With Tuesday’s downside momentum, the pair is on pace to close in the red for a fifth consecutive trading day. Major support is currently priced at the 200-day Exponential Moving Average just north of the 1.3500 handle. A resurgence of US Dollar buying could drag the USD/CAD back up to the last swing high near 1.3850.
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