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Forex: USD/CAD falls off session highs to 1.0255/58

FXstreet.com (Barcelona) - The USD/CAD has rocketed higher in recent minutes, on the heels of upbeat housing data in the United States. Following a European session, which held the USD/CAD in a narrow consolidation, the pair has now broken through resistance, trading off session highs near 1.0255/58 in these moments, up +0.37% Tuesday.

Earlier today in Canada, Wholesale Sales (MoM) were reported at +0.3% in January, missing consensus expectations of +0.4%. In addition, Manufacturing Shipments (MoM) fell -0.2% in January, vs. estimates calling for +0.9%. In the United States, Housing Starts (MoM) came in at 0.917M in February, beating projections of 0.915M. Finally, Building Permits (MoM) yielded a figure of 0.946M, against estimates of only 0.925M.

“The USD/CAD is generally bullish, though prices are just under a moderate resistance at 1.0243. With a mid level bullish candlestick pattern and a bullish engulfing in hourly charts, we look for possible buys on a close above this level.” Suggests Mark De La Paz, an analyst at FX Instructor.

After breaking through calculated resistance at 1.0243, the USD/CAD will encounter additional means of correction at 1.0270, onto the 1.0290 handle. Conversely, a break below the 1.0223 support will initiate short-term measures at 1.0197 ahead of 1.0177, writes De La Paz.

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The EUR/USD is being kept below the opening price of 1.2957, exception made to the spike to 1.2970 by the end of the Asian session. At the moment of writing, the pair is now easing from such resistance and facing the daily lows at 1.2917. The market remains sensitive to headlines coming from Cyprus.
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