The US Department of Commerce published a weak statistics on orders for durable goods yesterday. At the same time, the dollar index (#DX) ended the trading session in the positive zone. Investors expect that the head of the Federal Reserve will confirm his position on the monetary policy at today’s speech.
So, USD/CAD is consolidating now. The currency is traded in a fairly narrow range. I’ve defined the following key levels:
Support – 1.3240
I’ll sell the pair, if the price fixes below 1.3240. Potential movement - to 1.3210-1.3200.
I’ll open longs, if the quotes overcome 1.3260 mark. Target movement - to 1.3300.