USD/CAD nosed through several important support levels today before rebounding at the 55-day moving average.

USDCAD daily chart April 2, 2013

The buying came quickly following the US economic data but there wasn’t really anything in the numbers that suggested longs. Earlier, however, the RBC Canadian PMI fell to 49.3 from 51.7, indicating a contraction.

Bids stretch from 1.0225 down to 1.0200. Offers begin at 1.0160 but are light until at least 1.0265/85.

There isn’t much conviction in the market in either direction.