Weak US Durable Goods Orders Drag USD/CAD Lower
Following the release of US durable goods orders data, the USD/CAD pair resumed its downward trajectory, dropping below 1.2650 mark to currently trade near 1.2635.
US durable goods orders for the month of March came-in at 0.8% vs expectation of 1.9%. The core numbers, which excludes transportation items was worse at -0.2% against the expected growth of 0.6%. Softer numbers dragged the USD/CAD pair to 1.2625.
Technical levels to watch
From current levels, last week's low of 1.2593 would be eyed to extend immediate support. Should the pair fail to rebound from this immediate support, it might turn vulnerable to continue sliding further towards its next support near 1.2550-45 area.
Meanwhile on the upside, above 1.2650 the pair need to gain momentum beyond 1.2700 round figure mark to stage some minor recovery towards 1.2750-60 horizontal resistance. Strength above 1.2750 level now seems to pave way for additional near-term recovery towards 1.2835-40 resistance zone.