USD/CAD erased losses, ISM data from United States in focus

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

US dollar trimmed losses against its Canadian counterpart during Monday trade, with markets focused on upcoming ISM data from United States.

USD/CAD distanced from current session low at 1.0299, to move forward to 1.0360 during early phase of American trade. Support was expected at May 28th low, 1.0323, while resistance was likely to be met at May 28th high, 1.0406.

Investors remained wary in expectation of a report from the Institute of Supply Management on the US Manufacturing sector amid continuous speculation whether the Federal Reserve Bank will scale back its 85 billion USD-per-month bond purchase program some time later this year.

A weekend report showed that China’s Manufacturing PMI rose to 50.8 in May from 50.6 in April. Another report from Monday stated that China’s Final HSBC PMI dropped to 49.2 in May from a projected reading of 49.6 and also sliding down from 50.4 in April.

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