USDCAD TECHS: MA Studies Highlight A Bearish Theme
Feb-01 18:38
- RES 4: 1.3751 High Nov 4
- RES 3: 1.3705 Dec 16 and the bull trigger
- RES 2: 1.3665 High Jan 6
- RES 1: 1.3472/3521 High Jan 31 / 19 and key short-term resistance
- PRICE: 1.3331 @ 16:52 GMT Feb 1
- SUP 1: 1.3289 Low Feb 1 and intraday low
- SUP 2: 1.3226 Low Nov 15 and bear trigger
- SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
- SUP 4: 1.3131 0.764 proj of the Oct 13 - Nov 15 - Dec 16 price swing
USDCAD bearish trend conditions remain intact and the pair reversed sharply lower from Tuesday's high. A continuation lower would strengthen bearish conditions and signal scope for weakness towards 1.3226, the Nov 13 low and the bear trigger. Moving average studies are in a bear mode position, highlighting a downtrend. On the upside, the pair needs to clear 1.3521, the Jan 19 high, to signal a reversal.
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ITALY DATA: Marginal Uptick in Dec Mfg PMI Marks 6-Months of Contraction
Jan-02 09:11
ITALY DEC MANUF. PMI 48.5 (FCST 48.6); NOV 48.4
Italy saw a marginal 0.1-point improvement to 48.5 in the December manufacturing PMI, inching up for a second consecutive month.
Highlights from the press release:
- December marked six months of contractive manufacturing activity as weak demand conditions saw production fall, albeit at a softer pace into year-end.
- Order books fell sharply again in December, however at the slowest rate of decrease since May. Backlogs continued to decline, signalling spare capacity on the back of low demand.
- Employment increased marginally.
- Prices remained elevated, although the rate of inflation was the softest since late 2020.
- Optimism strengthened to a 7-month high, amidst initial signs of improved future demand.
- Final prints for France, Germany and the Eurozone saw a 0.3-point uptick for France to 49.2, and a 0.3-point weaker final German PMI at 47.1.
MNI: EUROZONE DEC FINAL MANUF. PMI 47.8 (= FLSH); NOV 47.1
Jan-02 09:00
- MNI: EUROZONE DEC FINAL MANUF. PMI 47.8 (= FLSH); NOV 47.1
MNI: GERMANY DEC FINAL MANUF. PMI 47.1 (FLSH 47.4); NOV 46.2
Jan-02 08:55
- MNI: GERMANY DEC FINAL MANUF. PMI 47.1 (FLSH 47.4); NOV 46.2
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