Economics
USD/CAD rises after strong Manufacturing PMI
USD/CAD has resumed its upward swing on Wednesday. In the North American session, the pair is trading at 1.3363, up 0.45% on the day. There are no Canadian releases for the rest of the week, so US events will have a magnified impact on the movement of USD/CAD. US Manufacturing PMI beats estimate Earlier on […]

USD/CAD has resumed its upward swing on Wednesday. In the North American session, the pair is trading at 1.3363, up 0.45% on the day. There are no Canadian releases for the rest of the week, so US events will have a magnified impact on the movement of USD/CAD.
US Manufacturing PMI beats estimate
Earlier on Wednesday, the US released the first tier-1 data of the week, and investors were clearly pleased, as the US dollar has registered broad gains, including against the Canadian dollar. The US Flash Manufacturing PMI for September came in at 53.5, almost unchanged from 53.4 a month earlier. Importantly, the reading beat the estimate of 52.5 points. The index has now remained in expansion territory (above 50.0) for four successive months. On the services front, Flash Services PMI came in at 54.6, just shy of the previous release of 54.8 points. The respectable reading points to a solid rise in business activity, another sign that the economic recovery is gaining traction.
Federal Reserve Chief Jerome Powell is becoming a familiar face on Capitol Hill. Powell has appeared before a congressional committee every day this week and will wrap up with testimony before a senate committee on Thursday. Powell has told lawmakers that the Federal Reserve has done as much as it can to stabilize the economy, which is showing signs of recovery. At the same time, Powell said that that the path ahead remains “highly uncertain” and that he wants to see additional fiscal stimulus, a reference to the stimulus bill which is stuck in Congress.
.
USD/CAD Technical
- 1.3373 is under pressure in resistance. Close by, there is resistance at 1.3399
- There is support at 1.3275, followed by support at 1.3249
- USD/CAD broke above the 50-MA line earlier in the week, which is a sign of an upward trend

Dear Potential BIRK Stock Investors, Mark Your Calendars for an October Birkenstock IPO
Source: shutterstock.com/Josh Forden
Following a long drought in high-profile initial public offerings (IPOs), sandal maker Birkenstock is allegedly poised…
There Are Plenty Of Good Things Happening In Crypto. But Few Are Paying Attention.
A quick Google Trends search for terms like “bitcoin” or “crypto” quickly shows you how people have lost interest in … Read more
Housing Market Crash Alert: Mark Your Calendars for Sept. 26
Source: Shutterstock
Notions of an impending housing market crash are eating up Wall Street ahead of next week’s crucial Case-Shiller U.S. Home Price…
-
Companies14 hours ago
Eye on Lithium: A sniff of Sigma-like success has ASX hard rock explorers moving to Brazil
-
Uncategorized17 hours ago
ASX listers prove green energy is the dominant flavour at Sydney Opera House investor lunch
-
Financing News22 hours ago
Metals Creek Resources Corp. Closes Final Tranche of Non-Brokered Private Placement of Flow-Through and Non Flow-Through Units
-
Uncategorized14 hours ago
ASX Small Caps and IPO Weekly Wrap: How bad was it? I’m honestly afraid to look…
-
Uncategorized19 hours ago
Hard drilling Mako is proving up an 870,000oz-and-growing gold project and emerging manganese discovery at the same time
-
Companies7 hours ago
Solaris Resources’ (TSX:SLS) Lowell Mineral Exploration Earns Level 1 Carbon Footprint Badge from Ecuador’s Ministry of Environment
-
Energy & Critical Metals17 hours ago
Where there’s smoke, there’s fire: Charger confirms lithium at three Bynoe prospects
-
Uncategorized21 hours ago
Beware! 3 Battery Stocks Waving Massive Red Flags Right Now