Forex: USD/CAD falls to 1.0516

on Jul 3, 2013
Listen Wednesday July 3rd: The USD/CAD opened in Asia today at 1.0549 and during the European session so far has traded slightly down on yesterday’s 21-month high. The intraday low currently stands at 1.0516.

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Yesterday the US dollar was still supported by Monday’s upbeat US data and traded higher against all the other majors.
Amongst those releases, the Redbook Index was up 2.9 percent y/y in the week ended June 23, from the prior week’s 2.8, though matching the prior week’s 0.5 percent fall m/m.

The May reading for US Factory Orders showed a rise of 2.1 percent to $485 billion, in line with expectations for a two percent rise. April’s reading was revised up to a 1.3 percent gain.
Currently the USD/CAD is continuing its present rally, crossing at 1.0531.
The market will today pay close attention to ADP’s US Employment Change update for June and the Canadian International Merchandise Trade, Export and Imports data for May due out later in the day.


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