Forex technical analysis: USDCAD falls after better Ivey PMI

But be careful.

The Ivey PMI came much better than expectations but the index tends to whip around so be careful. This month the expectation was for the a reading of 55.0. The actual came in at 62.3. Last month. The expectations was for 49.2 and it came in at 58.2. Back in February, the estimate was for 53.4 and it came in a 45.4. The point is there are surprises - and big surprises - on each extreme.

The USDCAD did indeed tumble after the release and tested the 100 hour MA at the 1.24639 level (the low reached 1.2458). The price has since rebounded back higher. PS Oil is down 2.10% on the day. This typically is a negative for the currency.