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Forex: USD/CAD testing the 1.0200 level after US durable goods

FXstreet.com (Barcelona) - The USD/CAD has traded in a narrow 34-pip range Tuesday (1.0186 – 1.0220). After the release of mixed economic data in the United States, the pair has once again begun some manner of tepid movement, this time in a downward path, settling at 1.0198/99 in these moments.

“The USD/CAD is trading below 23.60% correction CD Leg of the bearish harmonic Bat Pattern eying the first target of the pattern at 1.0140, the 37.2% correction. Moreover, trading below 1.0260 today might extend negativity.” warns the ICN.com analyst team.

According to the ICN.com analysts, corrective measures of support lie ahead at 1.0185, then 1.0140, and finally the 1.0100 barrier. Conversely, resistances for the USD/CAD will initiate at 1.0215 onto 1.0260 and ultimately 1.0295.

In the United States, Durable Good Orders were reported at +5.7% in the month of February, beating expectations of +3.8%. In addition, Durable Goods Orders ex-Transportation have contracted -0.5% in February, against estimates of +0.5% growth.

US Feb Durable Goods Orders ex Transportation: -0.5% vs 2.9% (Jan)

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US: Durable Goods Orders beat consensus and rises 5.7% in February, ex-transportation disappoints

US Durable Goods Orders rose 5.7% in February, beating consensus of 3.8%. January data was revised higher from -4.9% to -3.8%. Excluding transportation, durable goods orders dropped -0.5%, disappointing expectations of +0.5%, but saw its January print being revised higher from 2.3% to 2.9%. The ex-transportation print at -0.5% was the first negative one in five months.
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