USDCAD Potential Forecast Post-Ivey PMI | 7th March 2023
Fundamental Backdrop
1. The Ivey PMI which is a leading indicator of economic health released dropping from 60.1 to 51.6.
2. This indicates that the industry is contracting.
3. Showing a decrease in business activity and confidence in the Canadian economy.
Technical Confluences
1. Price recently bounced off the 1.35700 support level which coincides with the 23.6% Fibonacci line.
2. Near term resistance at 1.36800
Idea
With the Ivey PMI result released worst than previous, expect price to head towards the near term resistance at 1.36800
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. The Ivey PMI which is a leading indicator of economic health released dropping from 60.1 to 51.6.
2. This indicates that the industry is contracting.
3. Showing a decrease in business activity and confidence in the Canadian economy.
Technical Confluences
1. Price recently bounced off the 1.35700 support level which coincides with the 23.6% Fibonacci line.
2. Near term resistance at 1.36800
Idea
With the Ivey PMI result released worst than previous, expect price to head towards the near term resistance at 1.36800
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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