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USD/CAD settles at 1.0340/46 after durable goods in US

FXstreet.com (Barcelona) - The USD/CAD has continued rising higher Friday, trying to recover lost ground from yesterday’s debacle.

In these moments, the USD/CAD is now trading at 1.0340/46 following the publication of economic data in the United States. Durable Goods Orders (April) grew +3.3%, against projections of just +1.5%, and compared with -6.9% previously. In addition, Durable Goods Orders ex Transportation (April) were reported at +1.3%, against expectations of +0.5%.

At the time of writing, the USD/CAD has risen a robust +0.35% Friday at the onset of US trading. Mataf.net analysts calculate the next short-term resistance levels for the USD/CAD at 1.0385, then 1.0443, and finally 1.0392. On the pullback, supportive structures will activate at 1.0278, ahead of 1.0229, and finally 1.0179.

“Despite the USD’s drop back to the low 1.03 area yesterday, USD/CAD dips continue to attract solid support. We think the low 1.03 zone remains an important area of technical support for the market and an uptrend that continues to enjoy strong momentum. Having made new cycle highs above the 1.0341 March peak this week, we are still firm believers in the market’s ability to extend towards the 1.06 area in the next 1-2 months –we see good technical support on the day at 1.0320/40.” notes the TD Securities Team.

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