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27 Jan 2015
USD/CAD bounces off 1.2400
FXStreet (Edinburgh) - The US dollar seems to have found decent support around 1.2400 today, with USD/CAD now advancing to the 1.2415/20 area.
USD/CAD weaker despite positive data
Spot is seen its correction lower intensified following mixed results from the US docket, where Durable Goods Orders contracted more than previously estimated in the last month of 2014. On the opposite direction, US Consumer Confidence climbed to 102.4 in the present month, the highest print since August 2007 and New Home Sales surprised to the upside, increasing to 1.032 million, or a 11.6% advance.
USD/CAD levels to consider
At the moment the pair is retreating 0.36% at 1.2418 and drop below 1.2360 (low Jan.23) would open the door to 1.2315 (low Jan.22) and finally 1.2200 (psychological level). On the upside, the initial barrier lies at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level).
USD/CAD weaker despite positive data
Spot is seen its correction lower intensified following mixed results from the US docket, where Durable Goods Orders contracted more than previously estimated in the last month of 2014. On the opposite direction, US Consumer Confidence climbed to 102.4 in the present month, the highest print since August 2007 and New Home Sales surprised to the upside, increasing to 1.032 million, or a 11.6% advance.
USD/CAD levels to consider
At the moment the pair is retreating 0.36% at 1.2418 and drop below 1.2360 (low Jan.23) would open the door to 1.2315 (low Jan.22) and finally 1.2200 (psychological level). On the upside, the initial barrier lies at 1.2502 (2015 high Jan.27) ahead of 1.2507 (high Apr.21 2009) and then 1.2600 (psychological level).