Canada Manufacturing PMI prints 51.5 – CAD setup thoughts?

[PipHarvest]

Just saw the Canada Manufacturing PMI cross the wires at 51.5, which is a decent surprise considering the broader doom and gloom we’ve been seeing lately. Ngl, I wasn't expecting a move back into expansion territory given the current macro headwinds. I’m staring at the CAD pairs right now trying to figure out if this is just a momentary blip or if we’re about to see some actual follow-through on the charts.

I’m curious how the rest of you are reading the order flow here. Are we looking at a genuine shift in sentiment that could invalidate recent resistance levels, or is this just going to get faded by the bigger players once the dust settles? I’m hesitant to jump in and scalp this because the volatility feels a bit artificial, but I don't want to get caught with FOMO if this triggers a breakout. Anyone tracking the key support levels on USDCAD after this print, or are you guys steering clear until we see how the daily candle closes?

 

[EthanCole]

51.5 is okay, but honestly I wouldn't rush into anything on the CAD pairs just because of one print. Let's see how the daily closes first before getting excited. Too many folks rush into these minor data bumps and get chopped up on the 4H charts.