USDCAD Potential Forecast Pre-Ivey PMI | 6th March 2023

6 мар. 2023 г.

Fundamental Backdrop
1. The Ivey PMI is going to be released at 11pm SGT
2. It's a leading indicator of economic health
3. The result is expected to be worst than previous, weakening CAD

Technical Confluences
1. Price recently bounced off the 1.35700 support level which coincides with the 23.6% Fibonacci line.

Idea
If the Ivey PMI result released is worst than previous, expect price to head towards the resistance at 1.36850.
Alternatively, price could head back down towards the 1.35700 support level coincides with the 23.6% Fibonacci line.






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