25 Jul 2013
USD/CAD offered below 1.0300
FXstreet.com (London) - USD/CAD is losing its grip on the 1.0300 handle, falling through the figure and currently printing red around the 1.0280’s.
USD/CAD was sold off on the release of the US data. The data offered a decent Durable Goods Oder for June printing 4.2% against a consensus of just 0.5% but lower on the previous month that read 5.2%. The Initial Jobless Claims arrived in the red at 343K and more than the consensus of 340K and previous 336k. TD Securities research teams noted, ‘Overall though, this week’s developments are really just a prelude to the much more significant events that loom next week (FOMC and US jobs report)”.
USD/CAD charts
The research teams at TD Securities said overnight, USD/CAD showed more signs of stabilizing the past week’s loses. They explained that the 1.0260/80 area should continue to provide solid support from key short and longer term trends (weekly chart shown). “Price action should remain choppy in the short term, but in a broader sense we still view the recent move as corrective and remain longer term bulls”.
USD/CAD was sold off on the release of the US data. The data offered a decent Durable Goods Oder for June printing 4.2% against a consensus of just 0.5% but lower on the previous month that read 5.2%. The Initial Jobless Claims arrived in the red at 343K and more than the consensus of 340K and previous 336k. TD Securities research teams noted, ‘Overall though, this week’s developments are really just a prelude to the much more significant events that loom next week (FOMC and US jobs report)”.
USD/CAD charts
The research teams at TD Securities said overnight, USD/CAD showed more signs of stabilizing the past week’s loses. They explained that the 1.0260/80 area should continue to provide solid support from key short and longer term trends (weekly chart shown). “Price action should remain choppy in the short term, but in a broader sense we still view the recent move as corrective and remain longer term bulls”.