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26 Mar 2013
Forex: USD/CAD testing support at 1.0185 after weak consumer confidence
FXstreet.com (Barcelona) - The USD/CAD has moved lower and bottomed out at the 1.0165 (intraday minimum) region in recent minutes, only to recover slightly towards its support at 1.0185. In these moments the pair is trading at 1.0179/82 Tuesday, having just learned of weak US economic data during American trading.
In the United States, Consumer Confidence (March) came in at 59.7, missing expectations of 68.0. In addition, New Home Sales (MoM) were reported at 0.411M in the month of February, which failed to meet estimates of 0.422M. Finally, New Home Sales change (MoM) has declined -4.6% in February, compared with a growth of +13.1% in the previous month.
At the time of writing, the pair is incurring a steadfast loss of -0.32% off its opening. 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, Consumer Confidence (March) came in at 59.7, missing expectations of 68.0. In addition, New Home Sales (MoM) were reported at 0.411M in the month of February, which failed to meet estimates of 0.422M. Finally, New Home Sales change (MoM) has declined -4.6% in February, compared with a growth of +13.1% in the previous month.
At the time of writing, the pair is incurring a steadfast loss of -0.32% off its opening. 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