FXStreet (Edinburgh) – After an ephemeral visit to the 1.2300 neighbourhood, USD/CAD has now returned to the 1.2340 area.
USD/CAD recovers post-US data
The pair has quickly reversed the knee-jerk to the vicinity of 1.2300 the figure after US Durable Goods Orders missed expectations during the last month. In fact, Orders contracted 1.8% on a monthly basis vs. a 0.5% gain forecasted, while Orders excluding the Transportation sector advanced 0.5% MoM vs. 0.6% anticipated.
Next of note in the pair will be New Home Sales (525K exp.) followed by the flash Markit’s manufacturing PMI for the current month.
USD/CAD levels to consider
At the moment the pair is up 0.29% at 1.2347 and a breakout of 1.2360 (high Jun.15) would aim for 1.2442 (high Jun.9) and then 1.2472 (high Jun.8). On the other hand, the immediate support lines up at 1.2307 (low Jun.23) ahead of 1.2127 (low Jun.18) and finally 1.2072 (76.4% of 1.1920-1.2563).
(Market News Provided by FXstreet)