25 Feb 2016
USD/CAD finds support at 1.3600 on US data
USD/CAD now seems to have found decent support around the 1.3600 handle, helped by the auspicious results from the US docket.
USD/CAD downside halted post-US data
Spot saw its daily decline snapped after US Durable Goods Orders have surprised markets to the upside, expanding at a monthly pace of 4.9% and reverting December’s significant 5% drop; Orders excluding the Transportation sector rose 1.8% inter-month, the best reading since June 2014.
Further releases showed Initial Claims ticking higher to 272K in the week ended on February 19, up from 262K.
Adding to the CAD correction, crude oil prices remain red for the day, with WTI now returning to sub-$32.00 levels.
USD/CAD significant levels
As of writing the pair is down 0.40% at 1.3633 with the immediate support at 1.3600 (psychological level) ahead of 1.3263 (200-day sma). On the other hand, a breakout of 1.3835 (20-day sma) would expose 1.3979 (55-day sma) and then 1.4103 (high Feb.3).
USD/CAD downside halted post-US data
Spot saw its daily decline snapped after US Durable Goods Orders have surprised markets to the upside, expanding at a monthly pace of 4.9% and reverting December’s significant 5% drop; Orders excluding the Transportation sector rose 1.8% inter-month, the best reading since June 2014.
Further releases showed Initial Claims ticking higher to 272K in the week ended on February 19, up from 262K.
Adding to the CAD correction, crude oil prices remain red for the day, with WTI now returning to sub-$32.00 levels.
USD/CAD significant levels
As of writing the pair is down 0.40% at 1.3633 with the immediate support at 1.3600 (psychological level) ahead of 1.3263 (200-day sma). On the other hand, a breakout of 1.3835 (20-day sma) would expose 1.3979 (55-day sma) and then 1.4103 (high Feb.3).