FXstreet.com (Barcelona) - The USD/CAD falls slightly from 1.2345 to 1.2305 after the better than expected Feb US durable good orders. Currently, the pair is testing the 1.2300 support.
Feb Durable goods orders climbed up 3.4% against the 2.2% decreases expected. Ex transportation, Durable goods orders rise 3.9% between January and February, against 2.2% expectations too.
Last days, the USD/CAD has found an strong support at 1.2195 after falling from 1.3064 on march 9. This support level has been tested three times on March 19, 23 and 24. Today, the USD/CAD has risen to 1.2355 to falls to 1.2300 on the US opening bell.
According to the Mataf.net team, the USD/CAD is in a consolidation movement: USD/CAD is in an downtrend directed by 1H exponential moving averages. USD/CAD is in a consolidation after the last bearish movement. The volatility is low. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The consolidation should continue. The price should continue to move in 1,2200 / 1,2350 range.
Mataf.net provide us with it levels: Resistances: 1,2340 - 1,2430. Supports: 1,2270 - 1,2200