The US Dollar (USD) keeps moving upward against the Canadian Dollar (CAD) after the Department of Labor, the United States, released stats for market PMI composite indicating a bullish trend for the US Dollar.
The market composite PMI remained 51.5 in June as compared to 50.9 in the month before up beating the figure anticipated by economists i-e 50.6.
The PMI month to month Composite Reports on Manufacturing and Services, released by Markit Economics, depends on an enormous number of business officials in private division assembling and administrations organizations. Information is normally passed out on the third working day of every month. Every reaction is weighted by the size of the organization and its commitment to add up to assembling or administrations yield represented by the sub-part to which that organization has a place. Answers from bigger organizations greatly affect the last list numbers than those from little organizations. Results are exhibited by inquiry posed, demonstrating the level of respondents detailing an improvement, decay or no change since the earlier month. From these rates, a list is determined: a degree of 50.0 flags no change since the earlier month, above 50.0 sign an expansion (or improvement), underneath 50.0 a diminishing (or withdrawal).
Since the US Dollar succeeded in rising up over the last week, it is anticipated that it will continue its journey following the bullish trend. The consensus of the market leaders also seems on a positive edge with a predicted value of 0.2%. The weekly greenish candle showed in the graph below represents the clear image with respect to the successful recovery of the US Dollar.
Trading the USDCAD at current levels cant be a better idea to start with. However, traders looking for a short term position may also try their fate for sure.