USD CAD Finds Support at 50% Level

Early in the trading session weaker crude oil and equity pricestriggered a break to a 50% area where this pair found support.  TheAugust range is 1.0631 to 1.1124.  This range created a 50% level at1.0877.

Daily Analysis

USD CAD

Early in the trading session weaker crude oil and equity prices triggered a break to a 50% area where this pair found support.  The August range is 1.0631 to 1.1124.  This range created a 50% level at 1.0877. 

The USD CAD topped early this morning when crude oil posted its low.  It weakened further following the release of the better than expected U.S. ISM report.  Nothing significant was taken out on the rally which suggests this market may trade range bound the rest of the day.