USD/CAD deeper it goes, 1.2830 on sight post-ISM

The greenback has accelerated its downside today, now sending USD/CAD to print fresh lows in the vicinity of 1.2830.

USD/CAD weaker post-US releases

The pair gained extra selling pressure after the key US ISM Non-manufacturing has surprised markets to the downside today, coming in at 51.4 for the month of August vs. a forecasted improvement to 55.7.

In the same line, both IBD/TIPP Business Optimism index for the current month and the Fed’s Labor Market Conditions Index have come in below consensus at 46.7 and -0.7, respectively.

Crude oil prices remain in the negative territory albeit they have rebounded from lows in response to increasing USD-selling, giving extra wings to CAD.

USD/CAD significant levels

As of writing the pair is losing 0.71% at 1.2837 and a break below 1.2828 (low Aug.26) would aim for 1.2759 (low Aug.18) and then 1.2674 (low Jun.23). On the upside, the initial hurdle lines up at 1.2956 (20-day sma) followed by 1.2994 (base of the 4-month rising channel) and then 1.3149 (high Sep.1).