The Canadian recovered from a 21-month low

2024-08-06

Summary:

The US dollar was nursing steep losses on Tuesday as the ISM service PMI rebounded from a four-year low in July amid an increase in new orders.

EBC Forex Snapshot, 6 Aug 2024

The US dollar was nursing steep losses on Tuesday as the ISM service PMI rebounded from a four-year low in July amid an increase in new orders.

Fed officials pushed back on Monday against the notion that weaker-than-expected jobs data means the economy is in recession, but also warned that cut rates are needed to avoid such an outcome.

USDCAD

The Canadian recovered from a 21-month low as risk-on mood returned. The economy kept growing despite a slowing pace through Q2, according to preliminary data.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 29 Jul)		HSBC (as of 6 Aug)
	support	resistance	support	resistance
EUR/USD	1.0796	1.0981	1.0815	1.1048
GBP/USD	1.2860	1.3045	1.2637	1.2977
USD/CHF	0.8743	0.9050	0.8320	0.8835
AUD/USD	0.6465	0.6799	0.6309	0.6717
USD/CAD	1.3590	1.3899	1.3669	1.3961
USD/JPY	151.53	155.00	137.68	154.63

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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