During yesterday’s trading session USD/CAD traded within the range of 1.0718-1.0752 and closed at 1.0745.
At 9:36 GMT today USD/CAD was adding 0.2% for the day to trade at 1.0765. The pair touched a daily high at 1.0767 at 8:10 GMT, breaching the first key resistance.
Fundamental
Durable goods orders in the US probably rose 0.4% in June, following an unexpected 0.9% drop in the previous month that was lower than initially estimated.
Durable goods are new or second hand goods that usually last for a period of over 3 years. Wholesalers sell durable goods such as motor vehicles, furniture, construction materials, machinery and equipment (including household appliances), metals and minerals (except petroleum), sporting goods, toys and goods for leisure activities, renewable materials and spare parts.
Durable Goods Orders excluding Transport probably rose 0.5% in June, after being flat in the previous month, according to the median analysts’ estimate.
The US Census Bureau is scheduled to publish an official report at 12:30 GMT. In case, durable goods orders rose more than expected, the greenback’s demand will certainly be supported.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.0737. In case USD/CAD manages to breach the first resistance level at 1.0759, it will probably continue up to test 1.0774.
If USD/CAD manages to breach the first key support at 1.0725, it will probably continue to slide and test 1.0704.
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