USD/CAD tumbles to lows near 1.2740

• Spot drops further on US, CA data.
• Weekly upside remains capped around 1.2790.
• Attention now on Fedspeak.

The Canadian Dollar recovered the smile following US and Canadian data releases today, dragging USD/CAD to fresh daily lows in the 1.2740 region.

USD/CAD weaker on data

The pair met further selling pressure after US Philly Fed missed prior surveys for the month of November, coming in at 22.7 while initial claims rose to 249K on a weekly basis, also missing initial estimates.

Additional US data showed capacity utilization, industrial production and manufacturing production all coming in on the strong side at 77.0%, 0.9% and 1.3%, respectively.

In the Canadian docket, manufacturing shipments surprised to the upside, expanding at a monthly 0.5% during September vs. an expected contraction of 0.3%.

CAD should stay under pressure in light od the publication of the BoC’s Review later in the session.

USD/CAD significant levels

As of writing the pair is losing 0.09% at 1.2763 and a breach of 1.2664 (low Nov.19) would aim for 1.2579 (100-day sma) and then 1.2515 (55-day sma). On the upside, the initial hurdle aligns at 1.2821 (high Nov.7) seconded by 1.2918 (high Oct.27) and finally 1.2927 (50% Fibo of the 2017 drop).