The USD/CAD saw its recent rally slow as strong Canadian fundamentals reminded markets that its economic recovery remains on track. The Ivey PMI reading improved from 58.7 from 57.8 but beat expectations for a decline to 55.5 as the sector continues to benefit from emerging market demand and an improving U.S. economy. However, broader risk aversion has generated a considerable tailwind which may limit downside risks and lead to a period of consolidation as the pair is facing significant resistance creating an ideal scalping environment. However, traders should be cautious as volatility and variation are on the rise and increase the overall risk level.
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