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USD/CAD moves higher to 1.0328/32

FXstreet.com (Barcelona) - The USD/CAD has edged off the 1.0315 level during European trading, continuing a rebound off the overnight trough that took the pair below the 1.0300 barrier – at the time of writing the pair is trading at 1.0328/32.

Later today, the marquee data release will be the Durable Goods Orders (April) in the United States at 12:30 GMT. This is the only real indicator of note for the pair Friday, as a highly subdued data calendar will most likely sequester any sweeping movements for the pair today.

Presently, the pair is operating at +0.25% above its opening Friday. Mataf.net analysts point to the next level of resistive correction for the USD/CAD at 1.0385, then 1.0443, and finally 1.0392. On the decline, supportive structures will trigger at 1.0278, ahead of 1.0229, and finally 1.0179.

According to the ICN.com technical analyst team, “The USD/CAD dropped slightly yesterday touching around the previous level 1.0337 and that is considered a normal correction before extending the possible overall upside move. Despite how much volatility on the pair, we will hold on to our positive expectations as long as the pair stabled above 1.0270.”

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