USD/CAD jumps above 1.3260 as sentiment sours USDCAD Majors Currencies
PBoC rate cuts fueled global economic downturn worries.lost traction amid a cautious market mood following the decision by the People’s Bank of China to cut its main key rates by 10 basis points. Spurred by the cut, Oil prices plunged due to fears of a global economic downturn. On the other hand, the USD held its ground thanks to upbeat US Housing market data.
On the other hand, the US Census Bureau's May Housing Starts data surpassed expectations with a significant increase of 21.7%, outperforming the anticipated 0.8% decline. Similarly, Building Permits for the same month exceeded consensus by rising 5.2% instead of the expected 5% fall, helping the USD hold its ground as the DXY index trades with gains at the 102.55 area.
Reacting to the PBoC decision and US data, the US bond yields weakened across the curve, signaling a cautious market mood. The 10-year bond yield fell to 3.73%, while the 2-year yield sits at 4.69% and the 5-year at 3.96% – all three with more than 1% declines that limits the USD’s upside.The technical analysis of the daily chart indicates a neutral to bullish stance for the USD/CAD in the short term. While buyers have shown some strength, they have yet to overcome the negative territory.
Upcoming resistance for USD/CAD is seen at the 1.3270 zone, followed by the psychological mark at 1.3300 and the 1.3350 area. On the other hand, on the downside, the next support levels to watch are the 1.3200 level, followed by the cycle low at 1.3180 and the 1.3150 area.
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