USD/CAD: Canadian dollar takes the lead in the pair again
Current trend
Against the background of the growth of the Canadian currency quotes, the USD/CAD pair is moving in a local downtrend, trading around 1.2531.
Important macroeconomic statistics were not published this week, and investors turned their attention to data from the Canadian Real Estate Association (CREA), according to which the average cost of housing in the country in February amounted to 648.2K Canadian dollars, which is 20% more than last year and is the record high in history. According to experts, the increase in prices provoked an unprecedented demand for housing, which will be fully reflected in the March report and can provide serious support to the national currency.
The USD Index is moving in a stable sideways range, dropping slightly yesterday to 98.400. Positive Initial Jobless Claims data which fell to 187K from 215K a week earlier, were offset by a poor report on durable goods orders. The indicator fell by 2.2% for February after rising by 1.6% for January, while the orders index decreased by 0.6% after rising by 0.8% a month earlier.
Support and resistance
The price is moving within a narrowing ascending channel on the global chart. The technical indicators reversed and gave a strengthening sell signal: indicator Alligator’s EMA fluctuations range is actively expanding, and the histogram of the AO oscillator is forming down bars in the sell zone.
Resistance levels: 1.2561, 1.2762.
Support levels: 1.2475, 1.2306.
Against the background of the growth of the Canadian currency quotes, the USD/CAD pair is moving in a local downtrend, trading around 1.2531.
Important macroeconomic statistics were not published this week, and investors turned their attention to data from the Canadian Real Estate Association (CREA), according to which the average cost of housing in the country in February amounted to 648.2K Canadian dollars, which is 20% more than last year and is the record high in history. According to experts, the increase in prices provoked an unprecedented demand for housing, which will be fully reflected in the March report and can provide serious support to the national currency.
The USD Index is moving in a stable sideways range, dropping slightly yesterday to 98.400. Positive Initial Jobless Claims data which fell to 187K from 215K a week earlier, were offset by a poor report on durable goods orders. The indicator fell by 2.2% for February after rising by 1.6% for January, while the orders index decreased by 0.6% after rising by 0.8% a month earlier.
Support and resistance
The price is moving within a narrowing ascending channel on the global chart. The technical indicators reversed and gave a strengthening sell signal: indicator Alligator’s EMA fluctuations range is actively expanding, and the histogram of the AO oscillator is forming down bars in the sell zone.
Resistance levels: 1.2561, 1.2762.
Support levels: 1.2475, 1.2306.