USD/CAD finds support at 1.3600 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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).
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