USDCAD falls on U.S. dollar bearishness.
USDCAD fall today as the result of the medium-strength U.S. dollar bearishness after mixed US macroeconomic data failed to impress the USD bulls. The data showed that the economy expanded at an annualized pace of 6.4%, lower than market expectations of 6.5%. Adding to this, the US Durable Goods Orders unexpectedly declined by 1.3% in April, though was largely offset by better-than-expected orders ex-transportation, which increased by 1.0% during the reported month. The Initial Weekly Jobless Claims fell to 406K against 425K expected. The data did not convince investors that the Fed will need to start discussing plans to reduce the pace of bond purchases, which, in turn, putting the bearish pressure on the USD – leading to USDCAD losses.
Except sellers on upward corrections.
Next support to watch – 1.2030
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